Chairman s Letter to Ordinary Shareholders. Circular to Ordinary Shareholders. Notice of Special Meeting

Transcription

1 The Medine Shares Holding Company Limited Chairman s Letter to Ordinary Shareholders Circular to Ordinary Shareholders Notice of Special Meeting

2 The Medine Shares Holding Company Limited - Chairman s letter Dear Ordinary Shareholder, Proposal to carry out a shareholders voluntary liquidation of The Medine Shares Holding Company Limited ( MSH or the Company ). You will be aware that Alma Investments Company Limited ( Alma ), The Black River Investments Company Limited ( BRI ) and MSH (together the Holding Companies ) are holding companies of Medine Limited ( ML ), Excelsior United Development Companies Limited ( EUDCOS ) and Société de Développement Industriel & Agricole Limitée ( SODIA ). The afore-mentioned companies and the Holding Companies are thereafter collectively referred to as the Medine Group. The shareholding structure of the Medine Group is set out below: 0.03% Alma Note: Shareholding in preference shares shown in [ ] 50.10% 0.03% 26.27% BRI 1.88% [1.16%] MSH 25.29% 30.55% [5.68%] 26.13% SODIA Medine 29.25% [6.20%] 27.41% EUDCOS Except for Alma which had a portfolio of other securities, MSH and BRI only hold investments in ML, EUDCOS and SODIA. As disclosed in the cautionary announcement dated 18 June 2014, MSH as one of the Holding companies, is participating in the restructuring of the Medine Group (the Restructuring ). The attached circular explains the Restructuring that the board of MSH (the Board ) has decided upon and for which it is looking for your support. As at 17 June 2014, the day prior to the cautionary announcement detailing the proposed Restructuring, the ordinary share of MSH was trading at a discount of 30.5% relative to its underlying investments in ML, EUDCOS and SODIA. The proposed delayering, that is eliminating the Holding Companies, will enable you to hold shares directly in ML, EUDCOS and SODIA and your investment portfolio will therefore no longer suffer the discount mentioned above. Moreover, the elimination of the Holding Companies will increase the number of shareholders in ML, EUDCOS and SODIA and we therefore expect greater liquidity in your investments. MSH currently owns 26,549,650 ML shares (25,429,580 ordinary shares and 1,120,070 preference shares), 31,739,839 ordinary EUDCOS shares and 53,099,300 ordinary SODIA shares. Holders of MSH ordinary shares and of MSH preference shares will participate equally in the distribution of surplus assets in the event of the winding up of the Company. Each MSH share you hold, whether ordinary or preference, will give you the right to ML shares, to EUDCOS shares and to SODIA shares. The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 1

3 The Medine Shares Holding Company Limited - Chairman s letter Recommendation of your Board Your Board believes that the proposed shareholders voluntary winding up of MSH is in the best interests of the shareholders as a whole and is recommending that you vote in favour of the resolution at the special meeting of the Company convened for that purpose. You will find in Appendix 1 of the attached circular a notice of the special meeting of the Company to be held on 8 October The notice explains the proposed resolution being submitted for your vote. You will also find a proxy form in Appendix 2 for the special meeting of the Company with the proposal submitted for your vote. Whether or not you plan to attend the meeting, you may complete, date, sign and return the accompanying proxy form to the registered office of MSH, not less than 24 hours before the holding of the meeting. You will find in Section 3 of the attached circular the proposed timetable for the shareholders voluntary winding up of the Company. The Board has set up an enquiries desk to assist you in respect of any queries you may have. Please do not hesitate to call on for any assistance. Your vote is important. Your Board and I believe in the Restructuring and we recommend you to attend the meeting on 8 October 2014 or return your proxy form duly filled in and vote for the shareholders voluntary winding up of the Company. On behalf of the Board of Directors of MSH, I thank you for your continuous support and appreciate your consideration of above mentioned matters. Yours sincerely René Leclézio Chairman 9 September The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders

4 The Medine Shares Holding Company Limited (Incorporated and registered in Mauritius on 18 June 1947 with business registration number C ) CIRCULAR TO ORDINARY SHAREHOLDERS in relation to the shareholders voluntary winding up of The Medine Shares Holding Company Limited Notice of special meeting of The Medine Shares Holding Company Limited THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This document sets out the details and terms of the shareholders voluntary winding up of the Company, the background to and reasons for the proposed voluntary winding up. If you are in any doubt about the contents of this document or the action you should take, you should consult immediately a person who specialises in advising on the acquisition and disposal of shares and other securities. The contents of this document are not to be construed as legal, business or tax advice. Each ordinary shareholder should consult his, her or its own solicitor, independent financial adviser or tax adviser for legal, financial or tax advice. Ordinary shareholders should rely only on the information in this document. No person has been authorised to give any information or make any representations other than those contained in this document and, if given or made, such information or representations must not be relied on as having been authorised by the Company. Your attention is drawn to the letter from the Chairman of the Board of MSH (the Board ) which contains a recommendation from the Board that you vote in favour of the resolution to be proposed at the special meeting of the Company as set out in the notice of meeting in Appendix 1 of this document. This document is not a prospectus nor a statement in lieu of a prospectus for the public to subscribe for shares in Medine Limited ( ML ), MSH, Excelsior United Development Companies Limited ( EUDCOS ) and Société de Développement Industriel & Agricole Limitée ( SODIA ). 9 September 2014 The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 3

5 TABLE OF CONTENTS Page 1. Background to the restructuring 5 2. Shareholders voluntary winding up Rationale for the shareholders voluntary winding up Process for the shareholders voluntary winding up Distribution of assets to the shareholders Fractional shares Taxation 8 3. Timetable of principal events 9 4. Directors declaration Glossary 11 Appendix 1. Notice of Special Meeting 13 Appendix 2. Proxy form for Special Meeting 15 Appendix 3. Instructions for the refund of proceeds from sale of fractional shares 17 4 The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders

6 1. Background to the restructuring As disclosed in the cautionary announcement dated 18 June 2014, the holding companies of ML, EDUCOS and SODIA are planning a restructuring of the holding structures of the said companies. ML, EUDCOS and SODIA are sister companies (the Companies ) with common shareholders namely Alma Investments Company Limited ( Alma ), The Black River Investments Company Limited ( BRI ) and MSH (the Holding Companies ). The aforementioned Companies and their Holding Companies are thereafter collectively referred to as the Medine Group. Subject to ordinary shareholders approval, the boards of directors of the Medine Group at their meetings held on 18 June 2014 decided to restructure the Medine Group so as to eliminate the Holding Companies (the Restructuring ). The aim of the Restructuring is to unlock value for the existing shareholders of the Medine Group given that the Holding Companies are trading at substantial discounts to the value of their underlying assets i.e. their respective holdings in Medine, EUDCOS and SODIA. Additionally, the Restructuring will allow the Group to save on administrative costs in the medium to long term. The Restructuring is expected to be undertaken as follows: Conversion of the preference shares of ML into ordinary shares of ML in the ratio of 1:1; Liquidation of MSH and distribution of its core investments (i.e. ML shares, EUDCOS shares and SODIA shares) to shareholders of MSH (the Liquidation ); Liquidation of BRI and distribution of its core investments (i.e. ML shares, EUDCOS shares and SODIA shares) to shareholders of BRI; Liquidation of Alma and distribution of its core investments (i.e. ML shares, EUDCOS shares and SODIA shares) to shareholders of Alma. The above Restructuring requires votes in several companies, which, though independent of each other, are part of a project to achieve the delayering on the Medine Group. Currently, MSH has two classes of shares with 604,367 ordinary shares (the Ordinary Shares ) and 42,424 preference shares (the Preference Shares ) in issue. Preference Shares and Ordinary Shares differ with regard to the voting rights that are attached to them and their dividend entitlement. Thus, Ordinary Shares carry voting rights; Preference Shares do not grant the shareholders voting rights but, upon approval by ordinary shareholders, do grant them preference in terms of dividends, for up to 6% of the par value. The ordinary shareholders and the preference shareholders however rank equally for the distribution of assets in case of the winding up of the Company. The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 5

7 2. Shareholders voluntary winding up 2.1 Rationale for the shareholders voluntary winding up As part of the Restructuring, the Board has decided that a shareholders voluntary winding up of the Company under the Insolvency Act 2009 would be an effective way to unlock value for shareholders and hereby seeks shareholders approval to effect a shareholders voluntary winding up of MSH. As at 31 March 2014, the Company had MUR 26 million of liabilities and MUR 2.6 billion of assets. At the same date, investments of MSH in ML, EUDCOS and SODIA represented 99.9% of total book value of assets of the Company. As at 17 June 2014, the day prior to the cautionary announcement detailing the proposed Restructuring, MSH was trading at a discount of 30.5% relative to its investments in ML, EUDCOS and SODIA. The table below shows the value of the underlying investments of MSH compared to the market capitalisation of the Company as at 17 June The Board expects MUR 706 million of shareholder value to be unlocked following the winding-up of the Company and the distribution of the ML shares, EUDCOS shares and SODIA shares to shareholders. MSH MUR M Market value of stake in ML 1,798 Market value of stake in EUDCOS 508 Market value of stake in SODIA 8 Market value of underlying investments 2,314 Market capitalisation of MSH as at 17 June ,608 Discount (30.5%) Process for the shareholders voluntary winding up At the Board meeting of 9 September 2014, the directors of MSH (the Directors ) agreed to a shareholders voluntary winding up of the Company. The ordinary shareholders will vote at the Special Meeting to be held on 8 October 2014 on the special resolution to approve the shareholders voluntary winding up of the Company and to appoint Mushtaq Oosman FCA, (the Liquidator ), of PricewaterhouseCoopers Ltd, as liquidator of the Company, effective on 8 October 2014 (the Liquidation Date ). Upon the appointment of the Liquidator, the trading of MSH shares on the DEM will be suspended and the admission of MSH shares on the DEM will be cancelled. For the avoidance of doubt, shareholders of MSH will no longer be able to trade their shares on the DEM as from 8 October 2014, subject to the approval of the voluntary winding up of the Company by the ordinary shareholders. Mushtaq Oosman FCA, has given his consent to act as Liquidator, subject to shareholders approval in respect of his proposed appointment. The expenses of the shareholders voluntary winding up are estimated to be around MUR 300,000, excluding VAT and disbursements. As part of the shareholders voluntary winding up process, the Directors have made an inquiry into the affairs of the Company and have formed the opinion that the Company will be able to pay its debts in full within a period of 12 months after the commencement of the shareholders solvent winding up. Please refer to Section 4 for Directors declaration. The Liquidator will attend to and wind up the affairs of the Company, and discharge the liabilities of the Company in accordance with provisions as set out in the Insolvency Act Distribution of assets to the shareholders During the shareholders voluntary winding up, the powers of the Directors will cease and the Company will be under the control of the Liquidator. The Liquidator will deal with the realisation of the assets, the settlement of the liabilities and distribution of the surplus assets or funds to shareholders, as and when availability of funds permit. Holders of Ordinary Shares and holders of Preference Shares have equal rights to surplus assets or funds in the event of a winding up. The Liquidator is expected to make an interim distribution to MSH shareholders of all the ML shares, EUDCOS shares and SODIA shares that are currently owned by MSH. 6 The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders

8 2. Shareholders voluntary winding up of the Company Subject to shareholders approval, MSH is expected to distribute ML, EUDCOS and SODIA shares as shown below: MSH shares ML shares EUDCOS shares SODIA shares No of ML/EUDCOS/ SODIA shares held directly by MSH note 1 26,549,650 31,739,839 53,099,300 No of MSH shares in issue note 2 646,791 No of ML/EUDCOS/SODIA shares expected to be distributed for each MSH share Note 1: Note 2: MSH currently owns 25,429,580 ML ordinary shares and 1,120,070 ML preference shares. Subject to ML shareholders approval 1, ML will convert all its preference shares into ordinary shares. Consequently, after the conversion of ML preference shares into ML ordinary shares, MSH will own 26,549,650 ML ordinary shares in total. MSH also currently owns 31,739,839 EUDCOS ordinary shares and 53,099,300 SODIA ordinary shares. Currently, MSH has two classes of shares with 604,367 Ordinary Shares and 42,424 Preference Shares in issue. During a solvent shareholders winding up, the preference shareholders and the ordinary shareholders will participate equally in the distribution of the surplus assets of the Company, i.e. in the distribution in specie of ML shares, EUDCOS shares and SODIA shares. Consequently, the underlying assets will be distributed among the holders of the 646,791 MSH shares. The Liquidator will distribute in specie all the shares of ML, EUDCOS and SODIA owned by MSH to MSH s shareholders. No payment will be required from MSH shareholders for receiving ML shares, EUDCOS shares and SODIA shares. The ML shares, EUDCOS shares and SODIA shares will be distributed free of encumbrances, and together with rights attaching thereto and from the date of the distribution. Holders of Ordinary Shares of MSH are not required to return their share certificates. Distribution of ML shares, EUDCOS shares and SODIA shares will be done as follows: For ordinary shareholders who hold MSH shares in a CDS account at the close of books, the Company will credit their ML shares, EUDCOS shares and SODIA shares directly to their CDS accounts. ML share certificates, EUDCOS share certificates and SODIA share certificates will be issued to all ordinary shareholders of MSH who have not deposited their share certificates in a CDS account by 7 October In the case of Ordinary Shares held by bare-owners and usufructuaries, the ML shares, EUDCOS shares and SODIA shares shall be credited in favour of the bare owners and shall be subject to the same usufruct. A final distribution to MSH shareholders will be made only after the Liquidator has satisfied himself that all liabilities have been settled and that sufficient cash has been retained to provide for contingent liabilities. MSH shareholders who have pledged their MSH shares are advised to liaise with their creditors to renegotiate the terms of their respective pledge agreements. 1 The conversion of ML s preference shares into ordinary shares is conditional on: Shareholders of ML approving by special resolution the conversion of preference shares into ordinary shares at the special meeting of ML to be held on 8 October 2014; Ordinary shareholders of ML approving by special resolution the conversion of the preference shares into ordinary shares at the class meeting of holders of ordinary shares to be held on 8 October 2014; and Preference shareholders of ML approving by special resolution the conversion of the preference shares into ordinary shares at the class meeting of holders of preference shares to be held on 8 October The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 7

9 2. Shareholders voluntary winding up of the Company 2.4 Fractional shares As shown in the table in Section 2.3, MSH shareholders shall receive ML shares, EUDCOS shares and SODIA shares for each MSH ordinary share or MSH preference share. The number of shares received by MSH shareholders will be rounded down to the nearest integer. Fractional shares shall be disposed on the market. Based on quotes from service providers, the administrative cost of distributing any expected proceed to a shareholder shall be higher than the proceeds from fractional shares. After careful enquiry, the Board has decided that the proceeds from the sale of fractional shares shall be remitted to Fondation Medine Horizons, Medine Group s vehicle for the implementation of social projects. Shareholders should note that the maximum fraction that they shall receive is less than one share of ML, EUDCOS and SODIA respectively. As at 26 August 2014, one share of each of the above represented a maximum sum of MUR 96.00, their cumulative market value, being therefore the maximum refund that any shareholder shall receive or alternatively donate to Fondation Medine Horizons. MSH shareholders who do not wish to donate the proceeds from the fractional shares to Fondation Medine Horizons must complete and sign the form available in Appendix 3 and return the form no later than 15 October 2014 to the registered office of MSH, 11th Floor, Medine Mews, 4, Chaussée Street, Port Louis. Upon the receipt of the duly completed and signed form, the Liquidator will refund these shareholders by cheque. 2.5 Taxation Neither MSH nor its Mauritius resident shareholders shall suffer any taxation as a result of the Restructuring. Further, the transfer of ML, EUDCOS and SODIA shares shall not carry any taxation as these companies are all quoted entities. 8 The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders

10 3. Timetable of principal events Announcement of the Restructuring of the Medine Group 18 June 2014 Dispatch of notice of Special Meeting to MSH ordinary shareholders 19 September 2014 Latest date to deposit share certificates at the CDS in order to trade in MSH shares 1 October 2014 Latest date for receipt of proxy form 7 October 2014 Special Meeting of the Company 8 October 2014 Cautionary Announcement stating the results of the ordinary shareholders votes 8 October 2014 Appointment of the Liquidator 8 October 2014 Suspension of trading of MSH shares 8 October 2014 Cancellation of the admission of MSH shares on the DEM Date 2 As at close of business on 8 October 2014 Interim distribution of the ML, EUDCOS and SODIA shares Note 1 11 November 2014 Final distribution of Company and final meeting Note 2 To be advised Note 1: Note 2: Following the conversion of the ML preference shares into ordinary shares, the Liquidator will distribute the ML, EUDCOS and SODIA shares to the shareholders of MSH. The conversion is expected to be completed on 10 November Subject to a cash surplus, following the settlement of all liabilities, the Liquidator shall then proceed with a final distribution. The shareholders of the Company will be notified of the date of the final distribution by the Liquidator. 2 If any of the above times and/or dates change, the revised times and/or dates will be notified to ordinary shareholders through a cautionary announcement which will be available on ML s and SEM s websites and published in two daily newspapers. The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 9

11 4. Directors declaration THE MEDINE SHARES HOLDING COMPANY LIMITED DECLARATION OF SOLVENCY IN ACCORDANCE WITH THE SECTION 139 OF THE INSOLVENCY ACT 2009 We, Pierre Doger de Spéville Daniel Giraud Lajpati Gujadhur René Leclézio Marc de Ravel de l Argentière the undersigned, being the Directors of THE MEDINE SHARES HOLDING COMPANY LIMITED (the Company ), declare that we have made a full enquiry into the affairs of the Company and confirm that the Company will be able to pay its debts in full within a period not exceeding 12 months after the commencement of the winding up. Dated this 9 September 2014 Pierre Doger de Spéville Daniel Giraud Lajpati Gujadhur René Leclézio Marc de Ravel de l Argentière 10 The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders

12 5. Glossary Term Alma Board BRI Definition Alma Investments Company Limited The board of directors of MSH The Black River Investments Company Limited CA The Companies Act 2001 CDS Company Constitution DEM Directors EUDCOS Holding Companies ISIN Liquidator Medine Group ML MSH MUR Ordinary Shares Preference Shares Proxy Form Central Depository & Settlement Co Ltd The Medine Shares Holding Company Limited The constitution of the Company Development and Enterprise Market The directors of MSH Excelsior United Development Companies Limited Alma, BRI and MSH International Securities Identification Number Mushtaq Oosman FCA ML, EUDCOS, SODIA, BRI, ALMA and MSH Medine Limited The Medine Shares Holding Company Limited The lawful currency of Mauritius 604,367 0rdinary shares in the capital of the Company 42,424 preference shares in the capital of the Company The proxy form attached to this document Restructuring Restructuring of the Medine Group as recommended by the boards of directors on 18 June 2014 SEM SODIA Stock Exchange of Mauritius Ltd Société de Développement Industriel & Agricole Limitée Special Meeting The special meeting of the Company to be held on 8 October 2014 The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 11

13 APPENDICES Appendix 1. Notice of Special Meeting 13 Appendix 2. Proxy form for Special Meeting 15 Appendix 3. Instructions for the refund of proceeds from sale of fractional shares The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders

14 Appendix 1. Notice of Special Meeting NOTICE OF SPECIAL MEETING OF THE MEDINE SHARES HOLDING COMPANY LIMITED Notice is hereby given that a Special Meeting ( the Meeting ) of The Medine Shares Holding Company Limited (the Company ) will be held at the Company s Registered Office, 11 th Floor, Medine Mews, 4, Chaussée Street, Port Louis on 8 October 2014 at 14h15 for the purpose of considering and, if thought fit, passing the following Resolution as a Special Resolution, viz: SPECIAL RESOLUTION That the Company be wound up voluntarily as from the 8 th day of October 2014 and that Mr. Mushtaq Oosman FCA, of PricewaterhouseCoopers Ltd, be appointed as liquidator for the purposes of such winding up. By order of the Board Patricia Goder Company Secretary 19 September 2014 NOTES: 1. A shareholder of The Medine Shares Holding Company Limited entitled to attend and vote at the Meeting may appoint a proxy (whether a member or not) to attend and vote on his/her/their behalf. 2. The instrument appointing a proxy or any general power of attorney shall be deposited at the Registered Office of The Medine Shares Holding Company Limited, 11th Floor, Medine Mews, 4, Chaussée Street, Port Louis not less than twenty four (24) hours before the time appointed for holding the Meeting or adjourned meeting at which the person named on such instrument proposes to vote, and in default, the instrument of proxy shall not be treated as valid. 3. A proxy form is attached to this notice and is also available at the Registered Office of The Medine Shares Holding Company Limited, 11th Floor, Medine Mews, 4, Chaussée Street, Port Louis. 4. For the purpose of this Special Meeting, the Directors have resolved, in compliance with Section 120 (3) of the Companies Act 2001, that the shareholders who are entitled to receive notice of the meeting shall be those shareholders whose names are registered in the share register of the Company as at 9 September The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 13

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16 Appendix 2. Proxy form for Special Meeting PROXY FORM IN RESPECT OF A SPECIAL MEETING OF THE MEDINE SHARES HOLDING COMPANY LIMITED TO BE HELD ON 8 October 2014 AT 14H15 AT 11TH FLOOR, MEDINE MEWS, 4 CHAUSSEE STREET, PORT LOUIS I/We (Block Capitals, please) of being an ordinary shareholder(s) of THE MEDINE SHARES HOLDING COMPANY LIMITED ( the Company ) hereby appoint of or failing him/her of as my/our proxy to vote for me/us on my/our behalf at a Special Meeting of the Company to be held on Wednesday 8 October 2014 at 14h15 and at any adjournment thereof. I/We direct my/our proxy to vote in the following manner. (Please vote with a tick) SPECIAL RESOLUTION The Company be wound up voluntarily as from 8 th day of October 2014 and that Mr. Mushtaq Oosman FCA, of PricewaterhouseCoopers Ltd, be appointed as liquidator for the purposes of such winding up. FOR AGAINST ABSTAIN Signed this day of 2014 Signature... NOTES 1. A member may appoint a proxy of his own choice. 2. If the appointor is a corporation, this form must be under its common seal or under the hand of some officer or attorney duly authorised in that behalf. 3. In the case of joint holders, the signature of any one holder will be sufficient, but the names of all the joint holders should be stated. 4. If this form is returned without any indication as to how the person appointed proxy shall vote, he will exercise his discretion as to how he votes or whether he abstains from voting. 5. To be valid, this form must be completed and deposited at the registered office of the Company not less than twenty-four hours before the time fixed for holding the meeting or adjourned meeting. The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 15

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18 Appendix 3. Instructions for the refund of proceeds from sale of fractional shares Subject to the resolution for the voluntary winding up of THE MEDINE SHARES HOLDING COMPANY LIMITED ( the Company or MSH ) being validly passed and upon distribution of ML shares, EUDCOS shares and SODIA shares to MSH shareholders in line with the Restructuring, I/we (Block Capitals, please) of being a shareholder(s) of MSH hereby inform the Liquidator that I/we do not wish to donate the proceeds from the sale of my/ our fractional ML shares, EUDCOS shares and SODIA shares to the Fondation Medine Horizons 3. Consequently, I/ we instruct the Liquidator to remit to me/us the proceeds from the sale of these fractional shares by cheque. Signed this.. day of Signature... Please use BLOCK CAPITALS to complete the information below (1) Shareholder detail - Individual Title:.... Surname:.... First name(s): (2) Shareholder detail Corporate Corporate name:.... If this form has been completed, it should be returned to the Registered Office of The Medine Shares Holding Company Limited, 11 th Floor, Medine Mews, 4, Chaussée Street, Port Louis by close of business on 15 October Since 2006, the Fondation Medine Horizons supports initiatives from non-governmental organisations and associations to alleviate poverty in the west of Mauritius, with the CSR contributions of the Medine Group and other donors. The Fondation Medine Horizons funds and accompanies projects in education, health, sports and social integration at large. The Medine Shares Holding Company Limited - Circular to Ordinary Shareholders 17

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22 The Medine Shares Holding Company Limited 11 th Floor, Medine Mews 4 Chaussée Street, Port Louis, Mauritius T F E corporate@medine.com