DGAP-News: ADC African Development Corporation AG

DGAP-News: ADC increases control in BancABC through mandatory offer ++ Low uptake in-line with expectations ++ Minority shareholders consider banking group undervalued

DGAP-News: ADC African Development Corporation AG / Schlagwort(e): Übernahmeangebot ADC increases control in BancABC through mandatory offer ++ Low uptake in-line with expectations ++ Minority shareholders consider banking group undervalued

27.01.2014 / 18:12

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ADC African Development Corporation AG ('ADC'), ISIN DE000A1E8NW9, announces the results of the mandatory offer, to minority shareholders of its major banking asset ABC Holdings Limited, Botswana ('BancABC'), which closed on 17 January 2014.

The mandatory offer was initiated as required by the Botswana Stock Exchange (BSE) for any shareholder owning 35% or more of a listed company in Botswana. The offer was issued at a price of USD 0.60 per share for BancABC shareholders listed on the Zimbabwe register and the exchange rate equivalent of BWP 5.05 for BancABC shareholders listed on the Botswana register; the price at which ADC previously acquired a majority shareholding.

Main co-shareholders owning 23% of the share capital of BancABC indicated upfront that they would not accept the mandatory offer, seeing higher potential in BancABC's future business and share price. In-line with ADC's expectations, the uptake of the mandatory offer was limited to 10,196,469 shares, equaling 4% of the shares outstanding in BancABC.

The financing for the uptake of the mandatory offer was secured from ADC's largest shareholder and partner, Trafigura, who will now have a direct shareholding in BancABC. Trafigura and ADC have engaged in a voting pool agreement.

As a result of the mandatory offer, ADC increased its controlling position including voting pool agreements from 50.1% to 54.1%.

Dirk Harbecke, CEO of ADC commented: 'The result of the mandatory offer proves that a significant proportion of BancABC's shareholders consider the current share price to be undervalued. We have nevertheless made progress by increasing our controlling position in the banking group thereby removing any market uncertainty that existed prior to the offer. This outcome should facilitate a share price discovery that reflects the value of BancABC's growing presence and performance as a banking group in Southern and Eastern Africa. We, together with the BancABC Management team and co-shareholders, continue to work on developing our aligned strategic vision for delivery of future growth at the bank.'

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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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 80 115 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 --------------------------------------------------------------------- 249518 27.01.2014