CIG shareholders are referred to the announcements released on the SENS of the JSE on:
- Friday, 18 May 2018, stating that it had entered into the Definitive Agreements, entered into to give effect to the Proposed Transaction with FSA in order to achieve CIG’s strategic objectives and strengthen its long- term capital structure;
- Monday, 30 July 2018 which advised CIG shareholders that the EGM Circular detailing the Proposed Transaction, incorporating the notice of General Meeting and Form of Proxy was posted to CIG shareholders; and
- Wednesday, 29 August 2018 announcing the results of the General Meeting held to approve the Transaction Resolutions pertaining to the Proposed Transaction (the “Results of General Meeting Announcement”).
The Results of the General Meeting Announcement stated, inter alia, that the Mandatory Offer Waiver Resolutions was approved by the requisite majority of independent CIG shareholders in terms of Regulation 86(4) of the Company Regulations.
On Thursday, 30 August 2018, an application was made to the TRP for an exemption from the obligation of FSA to make a Mandatory Offer to the remaining CIG shareholders and for the TRP Waiver Ruling.
CIG shareholders are advised that the TRP has granted the TRP Waiver Ruling. The reasons for granting the TRP Waiver Ruling are available from the TRP on request by any CIG Shareholder. Any such request must be made in writing and addressed to “The Executive Director, Takeover Regulation Panel” at any of the addresses indicated below.
CIG shareholders are also advised that they may request the Takeover Special Committee to review the TRP Waiver Ruling within five business days of the publication of this announcement (i.e. by no later than Thursday, 6 September 2018). Any such request must be made in writing and addressed to “The Executive Director, Takeover Regulation Panel”.
The TRP waiver proceedings will be regarded as completed in respect of the TRP Waiver Exemptions and the relevant TRP Waiver Exemptions confirmed (i) after the expiry of the five Business Day notice period, if no CIG shareholders requests the Takeover Special Committee to review the applicable TRP Waiver Exemptions or (ii) on the date that the Takeover Special Committee confirms the applicable TRP Waiver Exemptions, if any CIG shareholders request the Takeover Special Committee to review the TRP Waiver Exemptions.
Assuming that the TRP Waiver proceedings will be regarded as complete after the expiry of the aforesaid five business day period, it is expected that the CIG Shares can be potentially listed in due course.