Rainbow — BEE and withdrawal of cautionary
Rainbow announced that it proposes introducing a strategic BEE shareholding into Rainbow (“the BEE transaction”). The BEE transaction will result in 15% of Rainbow”s entire issued share capital being owned by the BEE partners, equivalent to R915.6 million.
The implementation of the BEE transaction is subject to fulfilment of the condition precedent that the requisite majority of Rainbow shareholders vote in favour of all the resolutions necessary to implement the BEE transaction.
A circular, containing full details of the BEE transaction, will be posted to Rainbow shareholders on 25 February 2008. The general meeting will be held at 16:00 on 18 March 2008 and the proposed BEE transaction will be implemented after the payment of any dividends to Rainbow shareholders for the financial year ended 31 March 2008.
Salient dates and times
The salient dates and times are:
*Circular posted to Rainbow shareholders on Monday, 25 February 2008
*Last day to lodge forms of proxy (in respect of general meeting of Rainbow shareholders) by 16:00 on Friday, 14 March 2008
*General meeting of Rainbow shareholders to be held at 16:00 on Tuesday, 18 March 2008
*Results of general meeting published on SENS on Tuesday, 18 March 2008
The above dates and times are subject to change.
Withdrawal of cautionary
Given that full details of the proposed BEE transaction have now been provided to the market, caution is no longer required to be exercised by shareholders when dealing in their Rainbow securities.