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SHP
SHP
SHP - Shoprite - Internal reorganisation of Shoprite, in specie distribution,
delisting, liquidation and further cautionary announcement
Shoprite Holdings Limited
Registration number (1936/007721/06)
Share code: SHP
ISIN number: ZAE000012084
("Shoprite" or "the Company")
Internal reorganisation of Shoprite, in specie distribution, delisting,
liquidation ("the transaction") and further cautionary announcement
Shoprite ordinary shareholders ("shareholders") are referred to the cautionary
announcement released by Shoprite on SENS on 12 March 2007 and published in
the press on 13 March 2007 regarding the transaction.
The Securities Regulation Panel ("SRP" or "the Panel") received a complaint in
relation to an aspect of the transaction and consequently convened a hearing,
held on 3 April 2007 at the offices of the SRP, before an executive committee
of the Panel to consider the complaint and rule on the matter in terms of the
SRP Code ("the Code").
1. The complaint
The complaint was that, as Absa Bank Limited is a commercial banker to
the Shoprite Group, Absa Capital, a division of Absa Bank Limited, ("Absa
Capital") is not an appropriate external advisor to the Board of Shoprite
("the Board").
2. Decision of the Executive Committee of the Panel
The Executive Committee of the Panel unanimously dismissed the complaint
in its entirety.
3. Status of the Absa Capital opinion
Absa Capital provided a preliminary opinion ("the preliminary opinion")
to the Board at the time of the detailed terms announcement, published on
SENS on 24 November 2006 and in the press on 27 November 2006 ("the
detailed terms announcement").
As set out in the detailed terms announcement, the preliminary opinion
was based on information available to Absa Capital up to the date of the
detailed terms announcement and is accordingly outdated.
As further set out in the detailed terms announcement, Absa Capital`s
opinion will be updated and formalised in an opinion letter to the Board
as at the last practicable date prior to the posting of the circular to
shareholders regarding the transaction and this opinion will be included
in such circular.
4. Further cautionary announcement
Shareholders are advised to continue exercising caution when dealing in
their Shoprite ordinary shares until the detailed revised terms are
published.
Cape Town
4 April 2007
Sponsor
Nedbank Capital
Date: 04/04/2007 16:30:01 Produced by the JSE SENS Department.
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