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SOH
SOH - South Ocean Holdings Limited - Listing on the JSE Limited
South Ocean Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 2007/002381/06)
JSE code: SOH & ISIN: ZAE000092748
("South Ocean" or "the Company")
South Ocean Holdings Limited - Listing on the JSE Limited ("JSE")
Nature of business
South Ocean began manufacturing electric power cables 17 years ago and has
since grown into a medium sized cable company that manufactures a
comprehensive range of electric power cables at its factory in Alrode, near
Johannesburg. South Ocean focuses on the low voltage general-purpose cable
market distributing its products through electrical wholesalers and cable
distributors.
The Company has a strong market share in its defined markets and the
economic prospects of the Company are strongly linked to the boom in the
construction industry and specifically infrastructure development in South
Africa. Growth of the manufacturing facility has been consistent with the
demand for the product locally and South Ocean has consistently increased
its market share since inception. Today the Company employs over 200 people
and has grown its revenue by 25% annually compounded over the last three
years with a consistent increase in profit margins.
Growth is mainly due to increased customer demand. South Ocean provides its
customers with a high level of service, competitive pricing, excellent
product quality and technical backup resulting in significant customer
loyalty. The Company`s management has an established track record in the
manufacturing of electric cables and experience in the electrical sector in
South Africa. Management also creates value for its customers by drawing on
the significant experience of its Taiwanese shareholder.
Hong-Tai Electric Industrial Company Limited ("Hong-Tai"), a company
established in 1968 and listed on the Taiwan Stock Exchange since 1993 is
involved in the cable manufacturing industry in Taiwan. On date of Listing,
after the successful completion of the Offer as described below, Hong-Tai
will own directly and indirectly approximately 22% of the issued share
capital of South Ocean. South Ocean will have no controlling shareholder
after the Offer.
The Offer
The Offer comprises an offer in respect of the issue and/or sale of 52 500
000 South Ocean shares at between R6.30 and R7.20 per South Ocean share
("the Offer price") in terms of a Private Placement, of which:
- 18 700 000 South Ocean shares are being offered for subscription by
South Ocean to selected investors to subscribe for South Ocean shares
which offer will raise up to R134 640 000; and
- 33 800 000 South Ocean shares are being offered by way of an offer for
sale to selected investors, which offer will realise up to R243 360
000.
(collectively, "the Offer")
Events
2007
Opening date of the Offer (09:00) 13 February
Indications of interest for purpose of the
bookbuild received up until 12:00 21 February
Offer price announced on SENS 22 February
Successful applicants advised of allocations 22 February
Closing Date of the Offer (12:00) 22 February
Offer price announced in the press 23 February
Payment received 26 February
Proposed Listing Date on the JSE (08:30) 28 February
All times and dates are subject to change. Any changes will be published in
the press and on SENS.
Directors
Name, age and Business address Occupation /
nationality Function
Johannes Bhekumuzi 42 Addison Drive Chairman
Magwaza(64) La Lucia Ridge (Independent, non-
South Africa executive)
Edward Hwei Ti Pan (60) 12 Botha Street Chief Executive
Brazilian Alrode Officer
Johannesburg
Jacobus 12 Botha Street Chief Financial
Petrus Bekker (50) Alrode Officer
South Africa Johannesburg
Ethan Gilbert Dube (47) Vunani House, Freestone Director
South African Park, 135 Patricia (Independent, non-
Road, Sandton executive)
Paulo Jose Monteiro 12 Botha Street Executive Director
Ferreira (37) Alrode
South Africa Johannesburg
David Ko (46) 20 F, No.65 Tunhwa Road Director
Taiwan Section 2 (Independent, Non-
Taipei executive)
Taiwan
Chung Hsiang Pan (Hong- 20 F, No.65 Tunhwa Road Director
Tai) (50) Section 2 (Non-executive)
Taiwan Taipei
Taiwan
Robert Paul Walley (50) 12 Botha Street Executive Director
South Africa Alrode
Johannesburg
Chi-Ying Wu (Hong-Tai) 20 F, No.65 Tunhwa Road Director
Taiwan (41) Section 2 (Non-executive)
Taipei
Taiwan
Pre-listing statement
The pre-listing statement will be issued on 9 February 2009. Copies of this
Pre-Listing Statement may be obtained from the registered office of South
Ocean, the sponsors or transfer secretaries:
- South Ocean: 12 Botha Street, Alrode, Johannesburg, 1451
- Investec Corporate Finance: Second Floor, 100 Grayston Drive, Sandown,
Sandton, 2196
- Computershare: Ground Floor, 70 Marshall Street , Johannesburg, 2001
Johannesburg
8 February 2007
Bookrunner, Investment Legal adviser Auditors and reporting
Bank and sponsor accountants
(Investec Corporate (Roodt Inc.) (PricewaterhouseCoopers)
Finance)
Date: 08/02/2007 13:31:01 Produced by the JSE SENS Department.
