The price per ordinary share at which the Placing Shares will be placed (the "Placing Price") will be decided at the close of the Bookbuild. The timing of the closing of the Bookbuild, the Placing Price and allocations are at the discretion of the Company and the Joint Global Coordinators and Joint Bookrunners. The Placing Price will be announced as soon as practicable on the Stock Exchange News Service of the exchange operated by the JSE Limited ("JSE") after the close of the Bookbuild.
The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue of the Placing Shares. For the avoidance of doubt, the Placing Shares are being offered cum dividend and investors who will be allocated shares as part of the Placing will be eligible to receive the 2017 dividend to be paid by the Company on Monday, 9 April 2018.
Subject to the approval by the JSE, listing and trading of the Placing Shares on the JSE ("Admission") is expected to commence at 09h00 Tuesday, 3 April 2018 (or such time and/or date as may be agreed between the Company and the Joint Global Coordinators and Joint Bookrunners). Investors will receive Placing Shares listed and trading on the JSE. In addition, subject to approval by Namibian Stock Exchange Limited, the Placing Shares will also be listed on the Namibian Stock Exchange.The Placing is conditional upon, amongst other things, Admission becoming effective and the placing agreement between the Company and the Joint Global Coordinators and Joint Bookrunners not being terminated in accordance with its terms prior to Admission.
Pursuant to the terms of the placing agreement, Sanlam has agreed to customary lock-up arrangements for a period of 120 days from the date of the Placing.