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SOV
SOV
Sovereign Food Investments Limited - Directors dealings and placement of shares
Sovereign Food Investments Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1995/003990/06)
JSE code: SOV & ISIN: ZAE000009221
("Sovereign" or "the company")
DIRECTORS DEALINGS AND PLACEMENT OF SHARES
The founding shareholders and management currently hold 31.3% of the company"s
shares through Sovereign Food Holdings (Pty) Ltd (the "seller"). Two of the
founding shareholders, Anne Bothwell and Charles Charlewood, who hold 55.4% of
the 31.3%, have reached retirement age. They, and the other founding
shareholders, wish to balance their investment portfolios.
On 28 February 2006, Investec Securities Ltd on behalf of the seller, with the
co-operation of the company, placed 7.0 million Sovereign shares (the
"placement") with institutional investors at a price of 920 cents per share. As
a result, the seller has reduced its holding to 9.7% of the company"s shares. In
terms of the placing, the seller is not allowed to reduce or dilute this holding
any further for a period of 12 months and Robert Spanjaard will remain non-
executive chairman.
The price of 920 cents per share was at a 10% discount to the weighted average
of the preceding 30 days.
In compliance with section 3.63 to 3.74 of the Listings Requirements of the JSE,
the company gives notice of the following dealings by directors in Sovereign
securities undertaken to give effect to the placement.
Name of director: R B Spanjaard (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 419 334
Total value: R3 857 873
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Direct beneficial
Name of director: R B Spanjaard (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 1 041 122
Total value: R9 578 322
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Indirect beneficial
Name of director: R B Spanjaard (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 3 324 597
Total value: R30 586 292
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Indirect non beneficial
Name of director: B A Spanjaard (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 167 864
Total value: R1 544 349
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Direct beneficial
Name of director: B A Spanjaard (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 130 377
Total value: R1 199 468
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Indirect beneficial
Name of director: B A Spanjaard (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 536 384
Total value: R4 934 733
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Indirect non beneficial
Name of director: A H Vardy (non-executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 435 193
Total value: R4 003 776
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Indirect beneficial
Name of director: M J B Davis (executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 325 633
Total value: R2 995 824
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Direct beneficial
Name of director: M J B Davis (executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 407 439
Total value: R3 748 439
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Indirect beneficial
Name of director: C Coombes (executive)
Date of transaction: 28 February 2006
Price per share: 920 cents
Number of shares: 212 057
Total value: R1 950 924
Class of securities: Ordinary
Nature of transaction: Sale
Interest: Direct beneficial
In line with principles of corporate governance adopted by Sovereign and in
terms of section 3.66 of the JSE Listings Requirements, prior clearance to
effect the placement was obtained from the board of the company.
Port Elizabeth
2 March 2006
SPONSOR
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 02/03/2006 08:58:04 AM Produced by the JSE SENS Department
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