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MONDI LIMITED - Update on Simplification: Finalisation Date announcement and revised timetable

Release Date: 11/07/2019 13:35
Code(s): MND MNP     PDF:  
 
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Update on Simplification: Finalisation Date announcement and revised timetable

Mondi Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1967/013038/06)
JSE share code: MND ISIN: ZAE000156550

Mondi plc
(Incorporated in England and Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34

JSE share code: MNP      ISIN: GB00B1CRLC47
LSE share code: MNDI


11 July 2019

Update on Simplification: Finalisation Date announcement and revised timetable

Mondi is pleased to confirm that all of the Scheme Conditions in relation to the Simplification of its
corporate structure have been fulfilled. As such, the Scheme became unconditional with effect from
Thursday, 11 July 2019.

Pursuant to the Scheme, Mondi Limited Shareholders will receive one New Mondi plc Share in exchange
for each Mondi Limited Ordinary Share held. The Scheme will become effective at 5:00 p.m. (SA time) on
Friday, 26 July 2019. Admission to and commencement of dealings of 118,312,975 New Mondi plc Shares
will follow on Monday, 29 July 2019 at 8:00 a.m. (UK time) on the LSE and 9:00 a.m. (SA time) on the
JSE, in accordance with the relevant listing application processes.

A timetable to completion, which replaces the indicative timetable set out in the Mondi Limited Scheme
Circular, the Mondi plc Circular and the Prospectus, each published on 26 March 2019, is set out below.

Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the
meanings ascribed to them in the Mondi Limited Scheme Circular.

Shareholders are referred to:

1.   the circular issued and posted by Mondi Limited to shareholders of Mondi Limited dated 26 March
     2019 (the "Mondi Limited Scheme Circular") regarding, amongst other things, a scheme of
     arrangement in terms of section 114(1) of the Companies Act 71 of 2008, proposed by the Mondi
     Limited Board between Mondi Limited and the Mondi Limited Shareholders (the "Scheme") and the
     circular issued and posted by Mondi plc to shareholders of Mondi plc dated 26 March 2019 (the
     “Mondi plc Circular”); and

2.   the regulatory announcements made on 9 and 10 May 2019 pursuant to the Annual General
     Meetings of Mondi Limited and Mondi plc held on 9 May 2019, at which the resolutions relating to the
     Simplification (including the Scheme) were passed by the requisite majorities.

Timetable to completion

As announced on 7 June 2019, the timetable relating to the Simplification was extended, and differs from
that set out in the Mondi Limited Scheme Circular, the Mondi plc Circular and the Prospectus. Following
the fulfilment of the Scheme Conditions, the principal dates and times are now finalised and are as follows:
                                                   TIMETABLE OF PRINCIPAL EVENTS

     Finalisation Date announcement published in the South                                         Friday, 12 July 2019
     African press
     Scheme Last Day to Trade for Mondi Limited Shareholders                                      Tuesday, 23 July 2019
     QIB Notification Time                                                              5:00 p.m. (SA time) on Tuesday,
                                                                                                           23 July 2019
     Suspension of listing of Mondi Limited Ordinary Shares on                                   9:00 a.m. (SA time) on
     the JSE                                                                                    Wednesday, 24 July 2019
     Commencement of dealings in the anticipated holdings of                                     9:00 a.m. (SA time) on
     New Mondi plc Shares on the JSE                                                            Wednesday, 24 July 2019

     Election Record Time                                                                12:00 p.m. (SA time) on Friday,
                                                                                                            26 July 2019
     Scheme Record Time                                                                    5:00 p.m. (SA time) on Friday,
                                                                                                            26 July 2019
     Scheme Effective Time                                                                 5:00 p.m. (SA time) on Friday,
                                                                                                            26 July 2019
     Admission of the New Mondi plc Shares to the LSE and                                  8:00 a.m. (UK time) on Monday,
     commencement of dealings in the New Mondi plc Shares on                                                29 July 2019
     the LSE
     Admission of the New Mondi plc Shares to the JSE and                                 9:00 a.m. (SA time) on Monday,
     commencement of dealings in the New Mondi plc Shares on                                               29 July 2019
     the JSE
     Crediting of New Mondi plc Shares to accounts in the Strate                         As soon as possible after 9:00
     System                                                                                a.m. (SA time) on Monday, 29
                                                                                                              July 2019
     Commencement of rematerialisation of New Mondi plc                                            Monday, 29 July 2019
     Shares and posting of share certificates to Certificated
     Shareholders
     Termination of listing of Mondi Limited Ordinary Shares on                          9:00 a.m. (SA time) on Tuesday,
     the JSE                                                                                               30 July 2019


Notes:
1.   Mondi Limited Ordinary Shares may not be Dematerialised or rematerialised after the Scheme Last Day to Trade.
2.   From the first Trading Day after the Scheme Last Day to Trade and until Admission of the New Mondi plc Shares to the JSE on the first Trading
     Day after the Scheme Effective Time (being Monday, 29 July 2019), the permitted dealings reflect the expectation of the New Mondi plc Shares to
     be received pursuant to the Scheme, which will be issued on the Mondi plc SA Register. During this period, there cannot be any transfers of Mondi
     plc Ordinary Shares between the Mondi plc SA Register and the Mondi plc UK Register. Such dealings may also be limited or restricted by the rules
     of Strate, and the applicable mandate between a Mondi Limited Shareholder and its CSDP or Broker, as applicable from time to time, and are
     effected entirely at the Mondi Limited Shareholders' risk. Temporary Documents of Title will not be issued.
 South African securities transfer tax

 No South African securities transfer tax will be payable by Mondi Limited Shareholders on the transfer of,
 or in respect of the buyback of, the Mondi Limited Ordinary Shares or the issue of the New Mondi plc
 Shares, in each case pursuant to either the Transfer Option or the Buyback Option.

 South African dividends withholdings tax on the Buyback Option

 Where a Scheme Participant is not exempt from SA Dividends Tax ("DWT") and elects the Buyback
 Option, DWT will arise on the Scheme Consideration. Unless a Scheme Participant is subject to DWT at a
 reduced rate, the applicable DWT withholding rate is presently 20%. The DWT is required to be paid to
 SARS by the regulated intermediary (being the Mondi Limited Shareholder's CSDP or Broker, for
 Dematerialised Shareholders, and Mondi Limited for Certificated Shareholders). In order to prevent (or
 reduce) such withholding, Scheme Participants electing the Buyback Option who are exempt from DWT
 (or subject to DWT at a reduced rate) must provide their regulated intermediary with the requisite SARS
 declaration and undertaking as soon as possible, but in any event before the Election Record Time (being
 12:00 p.m. (SA time) on Friday, 26 July 2019 (or such earlier date and/or time as may be required in terms
 of their mandate with their CSDP or Broker).

 Where a DWT withholding applies, the regulated intermediary will or may, amongst other things, (i) debit a
 Scheme Participant's account with the amount of the DWT, (ii) and/or withhold (and dispose of), from the
 Scheme Consideration due to a Scheme Participant, New Mondi plc Shares (or a beneficial entitlement
 thereto) to settle the DWT (and all taxes, withholdings, expenses, fees and commissions incurred in
 connection with such sale), in accordance with the agreements governing the relationship between a
 Scheme Participant and its CSDP or Broker. For the purposes of such withholding and disposal of the
 New Mondi plc Shares (or a beneficial entitlement thereto) forming part of the Scheme Consideration, for a
 Certificated Shareholder the number of New Mondi plc Shares (or a beneficial entitlement thereto)
 withheld from the Scheme Consideration due will be equal to such DWT rate percentage plus an additional
 5% and for Dematerialised Shareholders will be a number (which may exceed 20%) of the aggregate
 number of New Mondi plc Shares (or a beneficial entitlement thereto) to which such Dematerialised
 Shareholder is entitled, depending on the relevant CSDP and/or Broker. The withheld New Mondi plc
 Shares (or a beneficial entitlement thereto) may in whole or in part be sold together with other New Mondi
 plc Shares (or a beneficial entitlement thereto) withheld by the CSDP and/or Broker, and/or other CSDPs
 and/or Brokers and/or Mondi Limited and/or Mondi plc, in connection with DWT under the Scheme and, in
 such instance, the average price realised on such aggregated sale/s (less all taxes, withholdings,
 expenses, fees and commissions incurred in connection with such sale) will be applied to settle the DWT
 and the balance (if any) credited to the relevant Scheme Participant (it being anticipated that such sales
 and crediting will be complete within 10 Business Days after the admission of the New Mondi plc Shares to
 the JSE and commencement of dealings in the New Mondi plc Shares on the JSE).



 Contact details:

Mondi Group

Clara Valera                                         +44 193 282 6357
Group Head of Strategy and Investor Relations

Kerry Cooper                                         +44 193 282 6323
Senior Manager – External Communication
About Mondi
Mondi is a global leader in packaging and paper, delighting its customers and consumers with innovative
and sustainable packaging and paper solutions. Mondi is fully integrated across the packaging and paper
value chain - from managing forests and producing pulp, paper and plastic films, to developing and
manufacturing effective industrial and consumer packaging solutions. Sustainability is embedded in
everything Mondi does. In 2018, Mondi had revenues of €7.48 billion and underlying EBITDA of €1.76
billion.
Mondi has a dual listed company structure, with a primary listing on the JSE Limited for Mondi Limited
under the ticker MND, and a premium listing on the London Stock Exchange for Mondi plc, under the ticker
MNDI. Mondi is a FTSE 100 constituent, and has been included in the FTSE4Good Index Series since
2008 and the FTSE/JSE Responsible Investment Index Series since 2007.
Sponsor in South Africa: UBS South Africa Proprietary Limited.


Important Information
This announcement is for informational purposes only and does not constitute or form part of any offer to
sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any
vote or approval in any jurisdiction pursuant to the Simplification. It does not constitute a prospectus or
prospectus equivalent announcement and investors should not make any investment decision in relation to
any shares referred to in this announcement.
This announcement is not an offer of securities for sale into the United States. No offering of securities
shall be made in the United States except pursuant to registration under the US Securities Act of 1933 (the
"Securities Act"), or an exemption therefrom. There will be no public offering in the United States. The
Simplification and the Scheme have not been and will not be approved or disapproved by the US
Securities and Exchange Commission (the "SEC"), nor has the SEC or any US state securities
commission passed upon the merits or fairness of the Simplification or the Scheme nor upon the adequacy
or accuracy of the information contained in the Prospectus, the Mondi Limited Scheme Circular or the
Mondi plc Circular. Any representation to the contrary is a criminal offence in the United States.
Any purchase of securities should only be made on the basis of information contained in the Prospectus.
The Prospectus contains detailed information about the Group and its management, as well as financial
statements and other financial data. It may be unlawful to distribute the Prospectus in certain jurisdictions.
You are advised to read the Prospectus, the Mondi Limited Scheme Circular and the Mondi plc Circular
and other relevant documents regarding the Simplification in their entirety, including any documents
incorporated by reference into the Prospectus as well as any amendments or supplements to those
documents, because these documents contain important information about the Group, the Simplification
and the Scheme.
The Prospectus, the Mondi Limited Scheme Circular and the Mondi plc Circular may be obtained, without
charge, from the Group’s website at www.mondigroup.com.

Date: 11/07/2019 01:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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