Raubex definition
Examples of Raubex in a sentence
In terms of the Codes, Raubex stands to lose the continued consequences rollover from previous B-BBEE transactions that have subsequently unwound.
The Raubex board of directors believe that the Specific Repurchase, at the purchase price of R16.00 per Raubex Share is at a discount to Raubex’s intrinsic value and consider this acquisition opportunity to be a very efficient use of Raubex‘s cash.
The repurchase of the Raubex Shares and the payment of the purchase consideration in terms of the Specific Repurchase will take place on the first business day after the fulfilment of the last of the conditions precedent referred to above (“Repurchase Date”).
Based on the Company’s latest scorecard information the loss of continued consequences shareholding will reduce the Black Economic Interest in Raubex by 15,0% on 28 February 2021.
In compliance with section 122(3)(b) of the Companies Act (Act 71 of 2008), as amended (“Companies Act”) and paragraph 3.83(b) of the Listings Requirements of JSE Limited, shareholders are advised that Bauba has received notification in terms of section 122(1) of the Companies Act that Raubex has acquired a beneficial interest in the securities of the Company such that its entire beneficial interest amounts to 23.08% of the total number of securities in issue.
The repurchase price of R16.00 per Raubex Share represents a discount of: - 13,8% to the closing price on Wednesday 18 May 2016; and - 11,7% to the 30 day volume weighted average price up to and including Wednesday, 18 May 2016 (“VWAP”) The Raubex Shares which are the subject of the Specific Repurchase represent 55,7% of the Party’s shares in Raubex.
The Raubex Shares repurchased will be cancelled and their listing terminated on or, as soon as possible after the Repurchase Date.
In terms of the JSE Listing Requirements the Specific Repurchase is with a related party as: - ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ is a non-executive director of Raubex; - Kenworth (Pty) Ltd is an associate, as defined in the JSE Listing Requirements, of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇.
Raubex is currently a level 1 B-BBEE contributor with 52,5% Black Economic Interest measured in terms of the Amended Construction Sector Codes Gazetted on 1 December 2017 (the “Codes”).
The Properties are considered to be non-core assets of the Company and on closing, Raubex will enter into a 12-year, triple net lease with ABI based on an 8,75% yield.