Circular to mpact ordinary shareholders (PDF - 217KB)
Shareholders are referred to the Companyâ€™s audited financial results for the year ended 31 December 2016, published on the Stock Exchange News Service (â€œSENSâ€) on 2 March 2016, in which they were advised that Mpactâ€™s board of directors had resolved to declare a final distribution of fully-paid Mpact ordinary shares of no par value (â€œthe Scrip Distributionâ€) to ordinary Shareholders (â€œShareholdersâ€) recorded in the register of the Company at the close of business on the Record Date, being Friday, 31 March 2017.
Shareholders will, however, be entitled to elect to receive a cash dividend of 65 cents per ordinary share of no par value held on the Record Date, being Friday, 31 March 2017, in respect of all or part of their ordinary shareholding, instead of the Scrip Distribution (â€œthe Cash Dividendâ€).
The Cash Dividend will be paid only to those:
The number of Scrip Distribution shares to which each of the Shareholders will become entitled pursuant to the Scrip Distribution (to the extent that such Shareholders have not elected to receive the Cash Dividend) will be determined by reference to such Shareholderâ€™s ordinary shareholding in Mpact (at the close of business on the Record Date, being Friday, 31 March 2017) in relation to the ratio that 65 cents bears to the volume weighted average price of an ordinary Mpact share traded on the JSE during the 30-day trading period ending on Friday, 10 March 2017.
Shareholders are advised that a circular, setting out, inter alia, the terms of the Scrip Distribution and Cash Dividend (and including a Form of Election) will be posted to Shareholders today, Wednesday, 8 March 2017 (â€œthe Circularâ€). The Circular is also available on the Companyâ€™s website, www.mpact.co.za.
The salient dates for the proposed Scrip Distribution and Cash Dividend, also contained in the Circular, are as follows:
|Announcement released on SENS in respect of the ratio applicable to the Scrip Distribution, based on the 30-day volume weighted average price ending on Friday, 10 March 2017, by 11h00 on||Monday, 13 March|
|Announcement published in the press of the ratio applicable to the Scrip Distribution, based on the 30-day volume weighted average price ending on Friday, 10 March 2017 on||Tuesday, 14 March|
|Last day to trade in order to be eligible to receive the Scrip Distribution or the Cash Dividend alternative||Tuesday, 28 March|
|Ordinary shares trade â€œexâ€ the Scrip Distribution and the Cash Dividend alternative on||Wednesday, 29 March|
|Listing and trading of maximum possible number of ordinary shares on the JSE in terms of the Scrip distribution from the commencement of business on||Wednesday, 29 March|
|Announcement released on SENS in respect of the cash payment applicable to fractional entitlements, based on the volume weighted average price on Wednesday, 29 March 2017, discounted by 10%, by 11h00 on||Thursday, 30 March|
|Last day to elect to receive the Cash Dividend alternative instead of the Scrip Distribution, Forms of Election to reach the Transfer Secretaries by 12h00 on||Friday, 31 March|
|Record Date in respect of the Scrip distribution and the Cash Dividend alternative||Friday, 31 March|
|Scrip Distribution certificates posted and Cash Dividend payments made, CSDP/broker accounts credited/updated, as applicable, on||Monday, 3 April|
|Announcement relating to the results of the Scrip Distribution and the Cash Dividend alternative released on SENS on||Monday, 3 April|
|Announcement relating to the results of the Scrip Distribution and the Cash Dividend alternative published in the press on||Tuesday, 4 April|
|JSE listing of ordinary shares in respect of the Scrip Distribution adjusted to reflect the actual number of ordinary shares issued in terms of the Scrip Distribution at the commencement of business on or about||Wednesday, 5 April|
All times provided are South African local times. The above dates and times are subject to change. Any material change will be announced on SENS.
Share certificates may not be dematerialised or rematerialised between Wednesday, 29 March 2017 and Friday, 31 March 2017, both days inclusive.
8 March 2017
RAND MERCHANT BANK (A division of FirstRand Bank Limited)