Jasco Electronics Holdings (JSE:JSC) News - Results of the partially underwritten non-renounceable Rights Offer

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003293/06)
Share code: JSC ISIN: ZAE000003794
(“Jasco” or “the Company”)

RESULTS OF THE PARTIALLY UNDERWITTEN NON-RENOUNCEABLE RIGHTS OFFER

1. INTRODUCTION
   Shareholders are referred to the announcement released on SENS on 17
   January 2022, regarding the partially underwritten non-renounceable
   Rights Offer of 157 142 857 new Jasco Shares of no par value in the
   authorised but unissued share capital of the Company, offered for
   subscription to Jasco shareholders recorded in the register at the
   close of trade on Friday, 28 January 2022, who would receive Rights
   to subscribe for Rights Offer shares on the basis of 68.52582 Rights
   Offer shares for every 100 Jasco shares held, for subscription at 35
   cents per Rights Offer share.

   Shareholders are advised that Jasco raised a total amount of
   R48 343 933.75.

2. RESULTS OF THE RIGHTS OFFER
    The Rights Offer closed at 12:00 on Friday, 4 February 2022. The
    results are set out below:
                          Number   of  Rights   % of Rights Offer
                          Offer Shares
   Rights Offer Shares        157 142 857               100%
   available for
   subscription
   Subscriptions for           29 492 737               19%
   Rights Offer Shares
   Shares allocated to        108 321 347               69%
   the Underwriter
   Excess Rights Offer         19 328 773               12%
   Shares available to
   be allocated
   Excess applications            311 441               0.2%
   for Rights Offer
   Shares
   Total Rights Offer         138 125 525               88%
   Shares Issued

3. APPLICATION OF RIGHTS OFFER PROCEEDS
   Shareholders are referred to the Rights Offer Circular which disclosed
   that a minimum of R10 million of the Working Capital Facility with the
   Bank of China would be settled from the proceeds of the Rights Offer,
  and the balance ,in the amount of R120 million, will be repaid monthly
  from January 2022 until December 2024.

  In December 2021, an unsecured bank guarantee in favour of the Bank of
  China of R20 million, was issued by Golden Pond Trading 175
  Proprietary Limited. The demand guarantee would expire on the earlier
  of the payment of R10 million or 15 February 2022. Subsequent to 31
  January 2022, the Bank Of China called the guarantee requiring Golden
  Pond Trading 175 Proprietary Limited to pay the R20 million to the
  Bank of China.

  Golden Pond Trading 175 Proprietary Limited, in terms of the
  Irrevocable Undertaking and Underwriting Agreement, agreed to
  subscribe for a maximum of 71 428 572 Rights Offer Shares, amounting
  to R25 million. For practical reasons, R20 million was set off against
  the Rights Offer proceeds, with the remaining R5 million in the form
  of a cash subscription.

  As a result of the above subsequent event, the net expected proceeds
  of the Rights Offer, will be applied to the settlement of the Jasco
  Corporate Bond of R20 million, the reduction of the Working Capital
  Facility of R20 million and the remainder of R8 343 933.75 will be
  reserved for ongoing general working capital requirements including
  but not limited to inventory investments in Communication Solutions
  and Electrical Manufacturers, project rollouts and related trade
  creditors in Security & Fire Safety and other operational costs (for
  example debt restructuring costs, corporate action costs and related
  professional services and consulting fees).

4. ISSUE OF RIGHTS OFFER SHARES
   Share certificates will be posted to holders of certificated shares
   who have followed their rights on or about Monday, 7 February 2022.

  The CSDP or broker accounts of holders of dematerialised shares, who
  have followed their rights, will be credited with the Rights Offer
  Shares and debited with any payments due on Monday, 7 February 2022.

5. EXCESS APPLICATIONS
   The excess Rights Offer Shares applied for will be allocated in a
   manner viewed as equitable in terms of the JSE Listings Requirements,
   taking cognizance of the number of shares held by the shareholder,
   including those taken up as a result of the Rights Offer, and the
   number of excess Rights Offer Shares applied for by such shareholder.

  Share certificates will be posted to holders of certificated shares,
  who have been allocated excess Rights Offer Shares on or about
  Wednesday, 9 February 2022.
  The CSDP or broker account of holders of dematerialised shares who
  have been allocated excess Rights Offer Shares, will be credited with
  the excess Rights Offer Shares on or about Wednesday, 9 February 2022.

  Refund payments in respect of unsuccessful applications will be made
  to the relevant applicants on or about Wednesday, 9 February 2022. No
  interest will be paid on monies received in respect of unsuccessful
  applications.

Midrand
7 February 2022

Corporate Advisor and Sponsor
Grindrod Bank Limited

Date: 07-02-2022 05:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.