enX Group Announces Mandatory Share Purchase Offer and Important Dates for Shareholders

enX Group Limited
  • enX Group Limited announces mandatory share purchase offer following settlement of investigation.
  • Shareholders will have the opportunity to sell enX shares at R6.41 per share.
  • Important dates and times have been established for the Mandatory Offer, subject to change.

enX Group Limited announced the distribution of a combined offer circular to its shareholders. The circular is in response to a mandatory share purchase offer following the settlement of an investigation by the Takeover Regulation Panel (the Panel) into specific transactions involving enX Group Limited, eXtract Group Limited, Zarclear Holdings Limited, African Phoenix Investments Limited, and others.

The settlement reached between the parties has prompted African Phoenix Investments Limited, alongside MCC Contracts Proprietary Limited, Samvenice Trading Proprietary Limited, SBSA ITF Sui Generis LPFP H4 QHF, Crimson Harvest Holdings Proprietary Limited, and Peresec Prime Brokers Proprietary Limited (collectively referred to as the “Offerors”), to extend a mandatory offer (the “Mandatory Offer”) to all enX Group Limited shareholders.

Under the terms of the Mandatory Offer, shareholders are provided with the opportunity to sell their enX shares at a price of R6.41 per share, as stipulated by section 123 of the Companies Act, 2008, and the Takeover Regulations. The combined offer circular, which was distributed on Tuesday, June 20, 2023, contains comprehensive information about the Mandatory Offer. It includes the viewpoint of the enX Independent Board, details regarding the offer consideration, and an impartial opinion provided by the Independent Expert, BDO Corporate Finance Proprietary Limited.

A series of important dates and times have been established for the Mandatory Offer, ensuring transparency and adherence to regulatory procedures. Shareholders are advised to take note of the following schedule:

  • June 20, 2023: Circular and acceptance form posted to enX shareholders.
  • June 20, 2023: Announcement of the Circular and the Mandatory Offer released on the Stock Exchange News Service (SENS).
  • June 21, 2023, at 09:00: Mandatory Offer opens.
  • June 21, 2023: Announcement of the Circular and the Mandatory Offer published in the press.
  • August 1, 2023: Expected last day to trade enX shares on the JSE to participate in the Mandatory Offer.
  • August 2, 2023: Expected date on which shares trade “ex” the Mandatory Offer.
  • August 4, 2023: Record date for shareholders to hold enX shares in order to accept the Mandatory Offer.
  • August 4, 2023, at 12:00: Expected date on which the Mandatory Offer closes.
  • August 7, 2023: Announcement of the results of the Mandatory Offer on SENS.
  • August 7, 2023: Payment of Mandatory Offer consideration to participants, with the final payment made.
  • August 8, 2023: Publication of the results of the Mandatory Offer in the press.

It is essential for shareholders to remain updated on the aforementioned dates and times, as they are subject to change. Any modifications will be communicated through the Stock Exchange News Service (SENS) and, if required, published in the press. It should be noted that no dematerialization or rematerialization of enX shares will be permitted between August 2 and August 4, 2023, inclusive.

Copies of the Circular can be obtained from enX Group Limited’s registered address and will also be accessible on the company’s website (www.enxgroup.co.za/circulars/) starting from the date of posting until the closure of the Mandatory Offer.

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