Johannesburg, 19 Apr 2005
The Mineworkers Investment Company (MIC) has completed its acquisition of 16.9% of JSE-listed Prism Holdings.
The black economic empowerment (BEE) deal was structured as a pro rata offer that saw MIC offer, through newly incorporated BEEco, to buy 100 million Prism shares from existing shareholders at 40c each.
The offer was made in a ratio of 16.88645 shares for every 100 shares held by each Prism shareholder.
Prism says acceptances were received in respect of about 145.21 million shares, of which about 91.12 million were excess shares arising as a result of underwriting arrangements.
"As the offer has been accepted in respect of more than 100 million Prism shares, the excess shares tendered will be acquired on a pro rata basis," the group says. "This will result in 50.38% of the excess shares tendered being acquired."
"This deal is not only in keeping with the spirit of the pending ICT charter and our commitment to broad-based transformation, but it means that Prism gains a credible, broad-based BEE partner at holdings level," says Prism financial director Jan Hnizdo.
MIC CFO Keshan Pillay and MIC financial manager Kabi Mahlatse have been appointed to the Prism board in a non-executive capacity.
The Prism share closed at 41c on the JSE yesterday, down 2c or 4.7% from the previous close.
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