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Cal Bank Rights Issue Circular 1

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CIRCULAR TO SHAREHOLDERS A RENOUNCEABLE RIGHTS ISSUE Of 150,000,000 ordinary shares of no par value at GH¢ 0.20 per share in a ratio of 1 new share for every 1.1275 existing shares This Document is dated: August 31, 2009 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Offering Circular (the “Circular”) has been sent to all CAL Bank Limited (“CAL Bank” or “the Bank”) shareholders on the register of members as at September 21, 2009 . If you have sold or otherwise transferred all your shares in CAL Bank, please send this Circular as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee. No person is authorised to give any information or to make any representation not contained in this Circular and any information or representation not contained in this Circular must not be relied upon as having been authorised by CAL Bank, NewWorld Renaissance Securities Limited, IC Securities (Ghana) Limited, CAL Brokers Limited or any of CAL Bank’s Advisors. Neither the delivery of this Circular nor any sale hereunder shall under any circumstances create any impression that there has been no change in the affairs of the Bank since the date hereof or that the information contained herein is correct as of anytime subsequent to this date. Any material change, relevant to the Offer, in the affairs of the Bank during the Offer period will be communicated to the Securities and Exchange Commission (“SEC”) and the investing public. An application has been made to the Ghana Stock Exchange (the “GSE”), for the listing of all the additional shares to be issued under this Offer on the First Official List of the GSE. The GSE has given approval for the listing of the said shares. The GSE assumes no responsibility for the correctness of any of the statements made, opinions expressed and reports presented in this Circular. A copy of this Circular has been delivered to the Registrar of Companies, Ghana, for registration. The Registrar has not checked and will not check the accuracy of the statements made and accepts no responsibility therefore or for the financial soundness of the Company or the value of the securities concerned. This Circular has been reviewed and approved by the SEC in accordance with Section 9 of the Securities Industry Law (P.N.D.C. Law 333), as amended. In its review, the SEC examined the contents of the Circular to ensure that adequate disclosures have been made. The distribution of this Circular (electronically or otherwise) and the offering of the shares in certain other jurisdictions may be restricted by law. No action has been taken to register or qualify the shares or otherwise permit a public offering of the shares in any jurisdiction outside Ghana. Any failure to comply with these restrictions may violate applicable securities laws. The Bank requires persons into whose possession this Circular comes to inform them about, and observe any such restrictions and to seek their own advice on such restrictions. This Circular does not constitute an offer and may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction or in any circumstances in which such an offer or solicitation is not authorised or is unlawful. Before deciding whether to apply for shares, you should consider whether shares are a suitable investment for you. Their values can go down as well as up. Past performance is not necessarily indicative of future performance. To ascertain the financial soundness or value of this Offer, CAL Bank shareholders and the investing public are advised to consult a dealer, investment advisor or other professional duly authorised under the Securities Industry Law, 1993 (PNDCL 333) for appropriate advice. The contents of this document do not constitute and are not to be construed as legal, business or tax advice. Each CAL Bank shareholder and/or prospective investor should consult his/her own legal advisor, financial advisor or tax advisor for legal, financial and tax advice. This Document has been seen and approved by the Directors of CAL Bank and we collectively and individually accept full responsibility for the accuracy of the information given and that after making all reasonable inquiries and to the best of our knowledge and belief there are no facts the omission of which would make any statement in the document referred to above misleading. Cal Bank Rights Issue Circular 1 CAL BANK LIMITED (Incorporated in Ghana as a limited liability company under the Companies Code, 1963 (Act 179) with 1,000,000,000 registered shares) CIRCULAR TO SHAREHOLDERS REGARDING A RENOUNCEABLE RIGHTS ISSUE OF 150,000,000 NEW ORDINARY SHARES OF NO PAR VALUE AT GH¢ 0.20 PER SHARE Sponsored by NEWWORLD RENAISSANCE SECURITIES LIMITED IC SECURITIES (GHANA) LIMITED CAL BROKERS LIMITED NewWorld Renaissance Securities Limited (NewWorld Renaissance), IC Securities (Ghana) Limited (IC Securities) and CAL Brokers Limited (together, the “Advisors”) are acting as advisors, managers and sponsoring brokers to CAL Bank for this renounceable rights issue. CAL Brokers Limited is a wholly- owned subsidiary of CAL Bank, whilst NewWorld Renaissance and IC Securities are independent of the Bank. NewWorld Renaissance Securities Limited and IC Securities (Ghana) Limited have relied on information provided by the Bank and its advisors and accordingly, NewWorld Renaissance and IC Securities do not provide any assurance of the accuracy of the information contained in this Circular. NewWorld Renaissance and IC Securities do however confirm that to the best of their knowledge, this Circular constitutes a full and fair disclosure of all material facts about the Bank and the Offer. Reindorf Chambers (RC) has acted as legal advisors to CAL Bank on this renounceable rights issue having relied on information provided by the Bank. Accordingly, RC does not provide any assurance of the accuracy of the information contained in this Circular. RC does however confirm that to the best of its knowledge, this Circular constitutes a full and fair disclosure of all material facts about the Bank and the Offer. Dated: August 31, 2009 Cal Bank Rights Issue Circular 2 TABLE OF CONTENTS KEY MILESTONES AND TIME TABLE............................................................................................................... 5 CORPORATE INFORMATION ON CAL BANK LTD ........................................................................................... 6 ADVISORS TO THE ISSUE................................................................................................................................. 7 DEFINITIONS...................................................................................................................................................... 8 LEGAL ADVISORS’ COMPLIANCE CERTIFICATE.................................. ERROR! BOOKMARK NOT DEFINED. SUMMARY OF CAL BANK LIMITED ................................................................................................................ 13 PART 1 – THE RIGHTS ISSUE ......................................................................................................................... 14 1.1 Legall Basiis For The Riights Issue .......................................................................................................... 14 1.2 Reasons For The Riights Issue .............................................................................................................. 14 1.3 Use Of Funds........................................................................................................................................ 15 1.4 Key Terms Of The Offer ........................................................................................................................ 15 1.5 Applliicatiion ............................................................................................................................................ 17 1.6 Escrow Account .................................................................................................................................... 17 1.7 Allllotment............................................................................................................................................... 17 1.8 Refund .................................................................................................................................................. 18 1.9 Payment................................................................................................................................................ 18 1.10 Lodgement Of Complleted Applliicatiion Forms......................................................................................... 19 1.11 Cost Of The Offeriing ............................................................................................................................. 19 1.12 Offer Statiistiics....................................................................................................................................... 19 1.13 Offer Tiimetablle ..................................................................................................................................... 20 PART 2 - THE GHANAIAN BANKING INDUSTRY............................................................................................ 21 2.1 Economiic Background........................................................................................................................... 21 2.2
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