CIL – results of rights offer

The results of the Rights Offer are as follows:
• R800 million in proceeds raised;
• 10.5% Rights Offer uptake by existing CIG shareholders; and
• 89.5% Rights Offer uptake by the Underwriter.

The successful implementation and conclusion of the Rights Offer will materially strengthen the company’s balance sheet, to provide the required headroom for CIG to deliver on its corporate strategy and manage the business optimally in an efficient and effective manner with the aim of maximising the value created for CIG Shareholders and to protect the sustainability of CIG as an enterprise.

CIG shareholders are referred to the announcement released on the Stock Exchange News Service on Tuesday, 4 December 2018, declaring the company’s intention to undertake a non-renounceable rights offer (the “Rights Offer”), fully underwritten by Fairfax Africa Investments Proprietary (the “Underwriter”) to Qualifying CIG Shareholders, as defined in the Rights Offer circular dated Wednesday, 12 December 2018 (the “Rights Offer Circular”), to raise R800 million.

The Rights Offer consisted of an offer of 200 million new ordinary CIG shares (the “Rights Offer Shares”) issued in the ratio of 1.01958098 Rights Offer Shares for every 1 ordinary CIG share held on the record date for the Rights Offer, at a subscription price of R4.00 per Rights Offer Share.

Issue of Rights Offer Shares
Qualifying dematerialised CIG shareholders’ CSDP or Broker accounts will be updated with Rights Offer Shares, to the extent accepted, and debited with the relevant costs at 09:00 today, Monday, 24 December 2018.

Qualifying certificated CIG shareholders’ Rights Offer Shares will be updated and debited to an electronic account held with the Transfer Secretaries at 09:00 today, Monday, 24 December 2018.

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