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GLOBAL ASSET MANAGEMENT LIMITED - Proposed delisting of Global and Renewal of Cautionary Announcement

Release Date: 26/09/2018 15:32
Code(s): GAM     PDF:  
Wrap Text
Proposed delisting of Global and Renewal of Cautionary Announcement

GLOBAL ASSET MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003192/06)
Share Code: GAM ISIN: ZAE000173498
("Global" or “the Company”)


PROPOSED DELISTING OF GLOBAL AND RENEWAL OF CAUTIONARY ANNOUNCEMENT


Shareholders are referred to the cautionary announcement published on 14 August 2018
regarding a potential restructure and delisting of Global (“Announcement”).

Having considered the factors detailed in the Announcement, the board of directors
(“Board”) has resolved to proceed with the delisting of the Company from the JSE
("Proposed Delisting"). The Proposed Delisting will be effected by way of a cash offer to
all Global shareholders to repurchase all Global shareholders’ shares in the Company in
terms of section 48 of the Companies Act No. 71 of 2008 (“Companies Act”) (“Offer”).
The Offer will be implemented by way of a scheme of arrangement in terms of section
114 of the Companies Act.

The Board has established an independent board ("Independent Board”), comprising
Messrs A Naidoo, G Cunliffe and W Basson to consider and approve the terms of the
Offer and the Proposed Delisting as well as to recommend an appropriate Offer
consideration. The Independent Board has appointed Nexia SAB&T as the independent
expert for purposes of preparing a fairness opinion in respect of the Offer consideration
in accordance with the Companies Regulations.

Once the Independent Board has considered all factors relating to the Offer and the
Proposed Delisting, a firm intention announcement will be published on SENS and in the
press. Such announcement will include, amongst other things, details of the offeror and
the salient dates relating to the above.

It is envisaged that the restructure of the Company’s energy assets and the potential
disposal of the Company’s asset finance business, as detailed in the Announcement, will
be considered once the Proposed Delisting has been implemented.

Accordingly, shareholders are advised to continue to exercise caution in dealing in their
securities until a further announcement is made.

By order of the Board

Johannesburg
26 September 2018

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 26/09/2018 03:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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