DGAP-News: ADC African Development Corporation AG

DGAP-News: ADC launches mandatory offer for all outstanding BancABC shares ++ Increased representation through pooling agreements will firm-up control ++ Financed by ADC's largest shareholder and partner, Trafigura

DGAP-News: ADC African Development Corporation AG / Schlagwort(e): Übernahmeangebot ADC launches mandatory offer for all outstanding BancABC shares ++ Increased representation through pooling agreements will firm-up control ++ Financed by ADC's largest shareholder and partner, Trafigura

13.12.2013 / 08:37

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ADC African Development Corporation AG ('ADC'), ISIN DE000A1E8NW9, announces its firm intention to make a mandatory offer to all minority shareholders of its major banking asset ABC Holdings Limited, Botswana ('BancABC').

ADC intends to acquire all issued ordinary shares of BancABC not already owned by ADC. The mandatory offer is required by the Botswana Stock Exchange (BSE) for any shareholder owning more than 35% of a listed company in Botswana and will be issued at a price of USD 0.60 per share to BancABC shareholders listed on the Company's Zimbabwe register and at the exchange rate equivalent of BWP 5.05 per share for BancABC shareholders listed on the Botswana register; the price at which ADC acquired a majority shareholding while acting as an underwriter of the bank's rights issue in July 2012.

A group of minority shareholders of BancABC support the opinion of an independent valuation expert appointed by the BancABC Board to not accept the mandatory offer. As such, the reduced potential size of the offer to 23% of the shareholders in BancABC is approximately EUR 26 million.

The financing for the uptake of the mandatory offer has been secured from ADC's largest (23%) shareholder and partner, Trafigura. Upon the closing of the mandatory offer, Trafigura will have a direct shareholding in BancABC and has engaged in a voting pool agreement with ADC.

The mandatory offer will be made in accordance with the terms specified in the offer circular, which will be made available at the ADC website via the link as specified below on 18 December 2013.

Dirk Harbecke, CEO of ADC commented: 'The mandatory offer is an important milestone for ADC that will significantly increase ADC's representation in BancABC, ADC's most important asset. By engaging in pooling agreements and executing the mandatory offer, we aim to firm-up our control in BancABC and to realize our vision together with the strong BancABC Management team.'

The full joint announcement of ADC and BancABC is available for download via the following link on the ADC website:

www.african-development.com/en/investor-relations/investor-information/man datory-offer-bancabc/

About ADC ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR, www.african-development.com), is a German listed, emerging pan-African banking group. ADC has a strong footprint in Southern Africa via BancABC, a regional commercial banking platform operating in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as exposure to West Africa via Union Bank of Nigeria. In addition to its banking operations, ADC has a private equity portfolio active in growth markets across sub-Saharan Africa. ADC follows an active management approach with a team of experts that comprise operational banking management, investment banking and merchant banking expertise. ADC optimizes its risk-return profile through a political risk insurance solution offered by the MIGA (World Bank Group).



Kontakt: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119

Ende der Corporate News

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13.12.2013 Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch die DGAP - ein Unternehmen der EQS Group AG. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

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Sprache: Deutsch Unternehmen: ADC African Development Corporation AG Grüneburgweg 18 60322 Frankfurt/Main Deutschland Telefon: +49 69 719 12 80 119 Fax: +49 69 719 12 80 999 E-Mail: info@african-development.com Internet: www.african-development.com ISIN: DE000A1E8NW9 WKN: A1E8NW Börsen: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open Market (Entry Standard) Ende der Mitteilung DGAP News-Service --------------------------------------------------------------------- 244615 13.12.2013