- August 18, 2008
- Posted by: admin
- Category: SENS Announcements
Results of the offer by the wholly-owned subsidiary of HCI, Mercanto Investments (Proprietary) Limited (“Mercanto”) to acquire all the Johnnic shares that HCI and its subsidiaries (the “HCI group”) do not already own (the “offer”)
Johnnic shareholders are referred to the offer circular posted to Johnnic shareholders on Monday, 21 July 2008 (the “offer circular”).
At 12:00 on Friday, 15 August 2008, the closing date of the offer, Mercanto had received acceptances from Johnnic shareholders in respect of 52 770 143 Johnnic shares equating to 96.16% of the Johnnic shares in issue, other than those already held by the HCI group prior to the opening of the offer.
Johnnic shareholders are referred to the announcement released on the Securities Exchange News Service of the JSE Limited (“JSE”) on Wednesday, 23 July 2008 and published in the press on Thursday, 24 July 2008, informing Johnnic shareholders that Mercanto will exercise its entitlement to compulsorily acquire the remaining Johnnic shares that the HCI group does not own or has not acquired in terms of the offer (“the remaining Johnnic shares”) in terms of section 440K of the Companies Act, No. 61 of 1973, as amended (the “Companies Act”). The Companies Act allows Mercanto to compulsorily acquire the remaining Johnnic shares once it has received acceptances by holders of not less than nine-tenths of Johnnic shares in issue, other than those already held by the HCI group in terms of the offer.
Johnnic shareholders are referred to the circular incorporating a notice in terms of section 440K of the Companies Act which was posted to Johnnic shareholders on Monday, 4 August 2008 (the “440K circular”).
The listing of Johnnic shares on the JSE will be terminated with effect from the commencement of trade on the JSE on Thursday, 25 September 2008, unless an application is made to the High Court of South Africa (the “Court”) to prevent the compulsory acquisition of the remaining Johnnic shares and the Court orders that Mercanto shall not be entitled to invoke the compulsory acquisition of the remaining Johnnic shares or the Court imposes conditions or terms which are different from those in the offer circular read together with the 440K circular.
18 August 2008