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Steinhoff Investment - Further Private Placement Of Perpetual Preference Shares
STEINHOFF INVESTMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1954/001893/06)
Share code: SHFF & ISIN: ZAE000068367
(Steinhoff Investments)
Further private placement of perpetual preference shares
PSG Capital is authorised to announce that a private placement by Steinhoff
Investments, a wholly-owned subsidiary of Steinhoff International Holdings
Limited (SHF), of a second tranche of variable rate, cumulative, non-redeemable,
non-participating preference shares with a par value of 0,1 cent each
(preference shares) at a subscription price of R103,37 per share (the second
tranche), has been successfully concluded. Preference shares placed in the
second tranche placement are of the same class, and will rank pari passu, to the
preference shares issued and listed by Steinhoff Investments on the JSE Limited
(JSE) in the "Specialist Securities - Preference shares" sector on 15 June 2005.
The subscription price of R103,37 represents the par value of R0,001 and a
premium of R103,369 (nominal premium of R99,999 plus a pro forma dividend of
R3,37 per share). The dividend accrual period is from 15 June 2005 to 17
November 2005. Steinhoff Investments anticipates declaring a preference share
dividend in the week commencing 6 March 2006 in accordance with the terms of the
preference shares.
Irrevocable undertakings have been received to subscribe for 3 500 000
preference shares in the amount of R361 795 000 (representing a nominal value of
R350 000 000 and in respect of a pro forma accrued dividend of R11 795 000).
All of the preference shares have been allocated at a coupon rate of 75% of the
prime overdraft lending rate of Absa Bank Limited from time to time.
The preference shares represent cost-effective funding that:
- can be utilised for equity acquisitions;
- increases permanent capital and strengthens the balance sheet;
- does not dilute the existing ordinary shareholders" interests in the group;
and
- reduces the cost of capital without a negative effect on cash flow caused by
capital repayments normally associated with debt.
Net proceeds of the preference share issue will be used to finance long-term
assets of a capital nature where the investment and funding structure reflect
similar characteristics, which may include the strategic equity investments.
The preference shares issued in the second tranche will be listed from the
commencement of business on Friday, 18 November 2005 on the JSE. The directors
of Steinhoff Investments wish to thank all investors for their support during
the placement process.
Johannesburg
17 November 2005
Corporate adviser and sponsor
PSG CAPITAL LIMITED
Date: 17/11/2005 04:31:06 PM Produced by the JSE SENS Department
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