Proposed listing on JSE and notice of EGM
April 08 2010 - 2:00AM
UK Regulatory
TIDMCRF
RNS Number : 8627J
Ciref PLC
08 April 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL
CIREF Plc ("the Company")
PROPOSED LISTING ON THE JOHANESBURG STOCK EXCHANGE AND ASSOCIATED PLACING OF NEW
SHARES AND NOTICE OF EXTRAORDINARY GENERAL MEETING
As stated in the Company's circular to Shareholders dated 25 November 2009, the
Board disclosed details of its plans to list the Company on the Main Board of
the JSE.
The Board has progressed the steps necessary to facilitate the proposed listing
and as part of this process, the Company needs to adopt new articles of
association, increase both the authorised share capital of the Company and the
Board's authority to allot Ordinary Shares for cash, and disapply pre-emption
rights for the proposed placing to be implemented in conjunction with the
listing.
As part of the proposed listing on the JSE, the Company is proposing to raise
approximately GBP125 million of new equity funding, through the placing of new
ordinary shares in the Company. The Company intends to invest the proceeds of
the proposed fundraising in accordance with its stated investment policy.
Accordingly, the Company has today posted to shareholders a Circular which sets
out details of the steps so far taken in respect of the proposed listing of
Ciref on the JSE, the provisions of the Company's proposed New Articles and the
notice of the Extraordinary General Meeting.
At the Company's Extraordinary General Meeting, which will take place at 10.30
am on 30 April 2010 at Channel House, Green Street, St Helier, Jersey, the
following resolutions will be considered by its Shareholders:
Resolution 1
That the Directors of the Company be generally authorised to exercise all the
powers of the Company to allot up to an aggregate nominal amount of GBP150
million of the Company's issued Ordinary Shares.
Resolution 2
That the authorised share capital of the Company be increased to GBP10 million
comprising 1 billion new ordinary shares of GBP0.01 each.
Resolution 3
That the Directors of the Company be empowered to allot Ordinary Shares pursuant
to the authority conferred on them by Resolution 1 as if Article 3.4(a) of the
Company's Articles of Association (containing rights of pre-emption) did not
apply to any such allotment.
Resolution 4
That the New Articles be adopted by the Company in replacement for the articles
of association of the Company operative at the date of this document.
Definitions in this announcement shall bear the same meaning as those in the
Circular to Shareholders
A Copy of the circular is available from the Company's website at www.ciref.je.
Enquiries:
+----------------------------------+--------------------------+
| Ciref Plc | +27(0)21 683 3829 |
| Gavin Tipper - Chairman | |
+----------------------------------+--------------------------+
| Singer Capital Markets | +44(0)203 205 7500 |
| Nicholas How / Richard Savage | |
+----------------------------------+--------------------------+
| Powerscourt | +44(0)207 250 1446 |
| Matthew Fletcher / Karen Le | |
| Cannu | |
+----------------------------------+--------------------------+
| Corovest Fund Managers Limited | |
| Nicolaas Faure | +1 284 494 9820 |
| | |
+----------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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