offer update - kah

On the LSE KAH notices.


Level of Offer acceptances



As at 1:00 p.m. (London time) on 19 January 2012, Taurus had received valid acceptances from Kalahari Shareholders in respect of 74,811,264 Kalahari Shares representing approximately 29.4 per cent. of the existing issued share capital of Kalahari. These acceptances include acceptances received in respect of 9,518,813 Kalahari Shares, representing approximately 3.7 per cent. of the existing issued share capital of Kalahari, which were subject to irrevocable undertakings procured by Taurus from the Kalahari Directors.



As at 1:00 p.m. (London time) on 19 January 2012, Taurus held non-binding letters of intent to accept the Offer from Henderson Alternative Investment Advisor Limited and Henderson Global Investors Limited (together "Henderson"), for which acceptance had not yet been received, relating to 3,538,716 Kalahari Shares, representing approximately 1.4 per cent. of the existing issued share capital of Kalahari.



The terms of the Kalahari Directors' irrevocable and the non-binding letters of intent received from Henderson are set out in paragraph 3 of Appendix 5 to the Offer Document.



Deadline for receipt of Offer acceptances



The Offer, which remains subject to the terms set out in the Offer Document, will remain open for acceptances until 1.00 p.m. (London time) on 2 February 2012.



ASIC Relief and Extract Bid



On 8 December 2011, ASIC made declarations under section 655A(1)(b) of the Australian Corporations Act modifying the application of certain provisions of Chapter 6 of the Australian Corporations Act to Taurus, Miraculum, CADFund, CGNPC-URC and other named related bodies corporate of those entities ("ASIC Relief"). Under these declarations, Taurus may acquire a relevant interest in more than 20 per cent. of Extract Shares in connection with the acquisition of Kalahari Shares under the Offer without the acquisition resulting in a breach of section 606(1) of the Australian Corporations Act.



Under section 608(3) of the Australian Corporations Act, a person having a relevant interest in more than 20 per cent. of a company's voting shares also has a relevant interest in any securities held by that company or in which that company otherwise has a relevant interest.



Earlier today, Taurus filed a Form 603 notice with the ASX, confirming that, as Taurus had acquired a relevant interest in 78,349,980 Kalahari Shares representing 30.8 per cent. of Kalahari's existing issued share capital, Taurus also has a relevant interest in the 107,342,087 Extract Shares held by Kalahari (constituting 42.74 per cent. of the total number of Extract Shares on an undiluted basis).



Taurus' relevant interest in 78,349,980 Kalahari Shares comprised valid acceptances from Kalahari Shareholders in respect of 74,811,264 Kalahari Shares and a further 3,538,716 Kalahari Shares which are subject to non-binding letters of intent to accept the Offer.



Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Offer Document.