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Public Announcement TRANSCENTURY LIMITED (incorporated in Kenya, registration number C. 4/2009) PROPOSED ACQUISITION OF CABLE HOLDINGS (KENYA) LIMITED BY TRANSCENTURY LIMITED The Board of Directors of TransCentury Limited (‘TCL’) has approved the acquisition of Aureos East Africa Fund LLC’s (‘Aureos’) entire shareholding in Cable Holdings (Kenya) Limited (‘CHK’). The acquisition will be achieved through an allotment of new ordinary shares in TCL to Aureos in exchange for the sale of 5.2% of the shares they hold in CHK. The acquisition is dependent on TCL receiving regulatory approvals from the Capital Markets Authority under the Capital Markets Act and ratification by TCL shareholders at the company’s annual general meeting (shareholders ratified the acquisition on 29th May 2014). Subject to these, the Nairobi Securities Exchange will then be requested to admit the new ordinary shares of TCL to listing on the Official List of the Alternative Investment Market Segment. Reasons for the Acquisition The primary purpose of this transaction is to provide Aureos with an opportunity to participate in the significant upside growth that TCL presents as an infrastructure company with a track record for delivering unique investment opportunities. The transaction will also offer other benefits of the stock market such as a more liquid asset and price discovery. The transaction is also in line with TCL’s overall strategy of consolidating its core businesses and maximising the value of investments for shareholders. Information on CHK CHK is a private limited liability company incorporated under the Kenya Companies Act on 21 December 1999 under company number C88135. CHK’s principal activity is that of holding investments. CHK owns 68.37% of Kenyan listed East African Cables (‘EAC’). EAC in turn owns 51% of East African Cables (Tanzania) Limited. By order of the Board Virginia Ndunge Company Secretary 20 June 2014 PUBLIC ANNOUNCEMENT THE CAPITAL MARKETS ACT ___________________________________________________________ (Cap 485A) (Laws of Kenya) Public Announcement pursuant to Regulation 4(3) of The Capital Markets (Take-overs and Mergers) Regulations, 2002 TransCentury Limited _________________________________________________________(Incorporated in Kenya) Indirect acquisition by TransCentury Limited of 4.01% of the issued shares in East African Cables Limited ___________________________________________________________ Transaction 1. TransCentury Limited (TCL) intends to acquire all the shares not already owned by it in Cable Holdings (Kenya) Limited (CHK) from Aureos East Africa Fund LLC (Aureos) in exchange for new shares of TCL (New TCL Shares), which new shares will be credited as being paid up (Transaction). CHK is presently a 94.8% subsidiary of TCL and CHK in turn owns 68.37% of East African Cables Limited (EAC), listed on the Nairobi Securities Exchange (NSE). 2. TCL has entered into an agreement with Aureos dated 26th February 2014 to record the terms of the Transaction (Swap Agreement). The Agreement is subject to receipt of the approval of The Capital Markets Authority (Authority) under the Capital Markets Act (Chapter 485A of the laws of Kenya). The Transaction has been ratified by TCL’s shareholders. Subject to these conditions, the NSE will then be requested to admit the New TCL Shares to listing on the Official List of the Alternative Investment Market Segment. 3. Through CHK, TCL currently holds 64.36% of the shares in EAC and, on completion of the Transaction as contemplated in the Swap Agreement, TCL will acquire an additional 4.01% of the voting shares in EAC. This will, in turn, necessitate compliance with, or exemption from, The Capital Markets (Take-overs and Mergers) Regulations, 2002 (Regulations). TCL does NOT intend to make a take over offer of EAC and has accordingly applied to the Authority for an exemption under regulation 5(2) (c) and (g) of the Regulations. 4. Accordingly, and in compliance with regulation 4(1) of the Regulations, TCL has served a Notice of Intention to EAC with a copy to the Authority, NSE and the Competition Authority of Kenya. 5. The shareholders of TCL will receive a circular containing information on the proposed Transaction. The Transaction has been ratified by TCL’s shareholders. Additional disclosures pursuant to regulation 4(2) of the Regulations 6. The proposed offeror is TransCentury Limited (registration number C. 4/2009), a company incorporated under the laws of the Republic of Kenya with its registered office at 7th Floor, Longonot Place, Kijabe Street P.O. Box 42334- 00100 Nairobi, whose ordinary shares are listed on the Alternative Investment Market Segment of the NSE. 7. The proposed offeree is EAC (registration number C.6350) a limited liability company incorporated under the laws of the Republic of Kenya with its registered office at Industrial Area, Addis Ababa Road, PO Box 18243- 00500 Nairobi, whose ordinary shares are listed on the Main Investment Market Segment of the NSE. 8. TCL has stated that it does not intend to apply to make a take-over offer of EAC and has accordingly applied to the Authority for an exemption under Regulation 5(2) (c) and (g). 9. As a result of the Transaction, TCL will indirectly acquire an additional 4.01 per cent interest in the capital of EAC. 10. Neither TCL nor any related company or any person associated with TCL has received any irrevocable undertaking from any shareholder of EAC or an option to acquire any voting shares of EAC. 11. There are no existing or proposed agreements, arrangements or understandings between TCL, any related company or person associated with it and the holders of voting shares of EAC. By order of the Board. For and on behalf of: TransCentury Limited Dated: 20 JUNE 2014.
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