Andulela shareholders were referred to the offer circular dated 18 January 2010 containing details of the unconditional cash offer by Newshelf to Andulela shareholders to acquire all of their Andulela ordinary shares that Newshelf did not already own for a cash consideration of 12 cents for every 1 Andulela ordinary share held ("the offer"). Andulela shareholders were also referred to the offeree board circular dated 9 February 2010 regarding the views of the Andulela board on the offer and containing the substance of the advice to the Andulela board by its external advisor, Java Capital (Pty) Ltd. The offer closed on Friday, 26 February 2010 and acceptances in respect of 68 611 593 Andulela ordinary shares, comprising 16% of the issued share capital of Andulela, were received by Newshelf. Accordingly, Newshelf's shareholding in Andulela has increased from 289 152 091 Andulela ordinary shares (equal to 69.01% of the issued ordinary share capital of Andulela), as published in Newshelf's announcement dated 20 November 2009, to 357 763 684 Andulela ordinary shares (equal to 85.58% of the issued ordinary share capital of Andulela at the closing date of the offer, being Friday, 26 February 2010).