- September 17, 2008
- Posted by: admin
- Category: SENS Announcements
1. Compulsory acquisition and payment of consideration
Further to the circular posted to Johnnic shareholders on Monday, 4 August 2008 (“440K circular”) and the announcement released on the Securities Exchange News Service of the JSE on Monday, 18 August 2008 and published in the press on Tuesday, 19 August 2008, Mercanto confirms that it will, in terms of section 440K(I) of the Companies Act No 61 of 1973, as amended, compulsorily acquire the remaining Johnnic shares that the HCI Group do not already own (“Johnnic remaining shareholders”) with effect from the commencement of trade on the JSE on Tuesday, 16 September 2008, for the cash consideration of R16.75 per Johnnic share.
2. Termination of the listing of Johnnic shares on the JSE
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.
3. Process for payment to the remaining Johnnic shareholders
The Johnnic remaining shareholders shares will be compulsorily acquired by Mercanto as more fully set out in the 440K circular.
The Johnnic remaining shareholders who are dematerialised Johnnic shareholders will have their accounts with their Central Securities Depository Participant (“CSDP”) credited with the cash consideration of R16.75 per Johnnic share, as more fully set out in the 440K circular. The offer consideration payable to the remaining Johnnic shareholders who are certificated Johnnic shareholders will be paid by cheque which will be sent
by registered post to their addresses as reflected in the Johnnic share register at the risk of the Johnnic shareholder concerned, within seven calendar days of Tuesday, 16 September 2008, and not as stipulated in the