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ABL ABLP
ABL
ABIL - Results of the Eyomhlaba initial capital raising concluded in terms of
the ABIL black equity ownership programme
African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration Number 1946/021193/06)
Ordinary Share Code : ABL
ISIN : ZAE000030060
Preference Share Code : ABLP
ISIN : ZAE000065215
("ABIL")
Eyomhlaba Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 2005/005827/06)
("Eyomhlaba" or "the Company")
RESULTS OF THE EYOMHLABA INITIAL CAPITAL RAISING CONCLUDED IN TERMS OF THE ABIL
BLACK EQUITY OWNERSHIP PROGRAMME
Introduction
Eyomhlaba - ABIL"s black equity ownership programme - was launched in 2005 to
invite a broad base of black individuals to invest in ABIL through a limited
purpose vehicle. ABIL and Eyomhlaba are pleased to announce that the initial
Eyomhlaba capital raising, which was conducted through a public offer to
subscribe for shares, has now been completed and shares have been allocated to
successful applicants.
Capital raised
In terms of the prospectus issued in October 2005, 34.25 million Eyomhlaba
ordinary shares were offered for subscription, out of a total 43.25 million
Eyomhlaba shares available for allocation over the duration of the programme.
Eyomhlaba received approximately 6 700 individual subscriptions for the issue of
26.9 million Eyomhlaba shares (78% of shares offered) for a consideration of
R62.6 million. In terms of the prospectus, directors of ABIL were limited to
25% of the shares to be issued for the initial offering, and as a result, 3.1
million of their subscription shares could not be allotted. All other
applicants received their full subscription, resulting in 23.8 million Eyomhlaba
shares being issued and R58.0 million being raised.
ABIL directors acquired the following Eyomhlaba shares:
ABIL director Eyomhlaba shares % of total shares
acquired currently in issue
JJ Kekane 230 000 0.97%
AS Mabogoane 975 000 4.09%
MLD Marole 1 615 000 6.78%
R Naidoo 100 000 0.42%
BJT Shongwe 230 000 0.97%
TM Sokotu 2 700 000 11.33%
DFG Tembe 100 000 0.42%
24.98%
Allocation and allotment letters, statements and share certificates
The original share certificates issued to Eyomhlaba shareholders will be
retained by the company secretary to ensure compliance with the restrictions on
disposal and encumbrances of Eyomhlaba shares.
Copies of the share certificates, allocation letters and statements have been
posted to all successful applicants. Eyomhlaba shareholders can call 0860 225
233 or (011) 480-1739 with any queries.
Underlying value of Eyomhlaba ordinary shares
The intrinsic value of each Eyomhlaba share, calculated with reference to
Eyomhlaba"s shareholding in ABIL, is available at www.eyomhlaba.co.za and is
updated on a monthly basis.
Potential future capital raising
The initial capital raising left an additional 10.4 million Eyomhlaba shares
available for issue in the future. Eyomhlaba has received expressions of
interest for additional shares, both in terms of the application for 3.1 million
Eyomhlaba shares by directors referred to above and from other investors after
the offer had closed. The directors of Eyomhlaba and ABIL are currently
exploring further capital raising alternatives in order to accommodate these and
other requests.
ABIL remains committed to raising the full R100 million capital required to be
contributed by the participants of Eyomhlaba in due course, and is confident
that the programme will achieve the objectives set when it was approved by
shareholders in August 2005.
Midrand
10 March 2006
Merchant bank, debt arranger, co-underwriter and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Attorneys
Prinsloo, Tindle & Andropoulos Inc
Tax advisors
Deloitte & Touche
Date: 10/03/2006 03:05:22 PM Produced by the JSE SENS Department
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