|
ECO ECOP
ECO
ECO - Edcon - SRP dismisses complaint by Templeton Asset Management
Edgars Consolidated Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/022751/06)
Ordinary share codes:
JSE: ECO
NSX: ECN
ISIN: ZAE000068649
Preference share codes:
JSE: ECOP
ISIN: ZAE000018396
("Edcon")
SRP DISMISSES COMPLAINT BY TEMPLETON ASSET MANAGEMENT
Following the public disclosure that a formal complaint had been lodged by
Templeton Asset Management Limited ("TAML") with the Securities Regulation Panel
("Panel") regarding the schemes of arrangement ("Schemes") proposed by Elephant
Acquisition (BC) (Proprietary) Limited between Edcon and its ordinary and
preference shareholders, the Board of Edcon would like to inform its
shareholders that it has been provided with a copy of a letter addressed by the
Panel to the attorneys acting on behalf of TAML. This letter informs TAML that
-
* the Panel is of the view that the circulars relating
to the Schemes dated 16 March 2007 comply with the
provisions of the Securities Regulation Code on
Takeovers and Mergers;
* the commercial evaluation of the Schemes is a matter
for shareholders, not the Panel; and
* the Panel will not interfere with the process relating
to the Schemes.
The ordinary and preference scheme meetings will be held at 09.00 and 10.00
today, 16 April 2007, in accordance with the respective notices contained in the
circulars.
Johannesburg
16 April 2007
Enquiries
Edcon:
Investor Relations:
Tessa Christelis
Tel: +27 11 495 6545
Cell: +27 82 601 3061
Financial adviser to Edcon Financial advisers to Newco
Caliburn Partnership Pty Limited Citigroup Global Markets (Pty) Limited
Credit Suisse
Legal adviser to Edcon Standard Bank
Werksmans Inc.
South African legal adviser to Newco
Transactional sponsor and equity Webber Wentzel Bowens
capital markets adviser to Edcon
Merrill Lynch South Africa International legal advisers to Newco
(Proprietary) Limited Kirkland & Ellis International LLP
Namibian Sponsor Private equity sponsor and transaction
IJG Securities (Pty) Limited arranger for Newco
Bain Capital LLC
Independent adviser to the Edcon
Board Debt arrangers and providers to Newco
PricewaterhouseCoopers Corporate Barclays
Finance (Proprietary) Limited ABSA Capital
Date: 16/04/2007 08:29:01 Produced by the JSE SENS Department.
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