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ECO ECOP
ECO
ECOP - Edcon - Results of the Preference Scheme Meeting
Edgars Consolidated Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/022751/06)
Share codes:
JSE: ECOP
ISIN: ZAE000018396
("Edcon")
RESULTS OF THE PREFERENCE SCHEME MEETING
1. INTRODUCTION
Edcon preference shareholders ("preference shareholders") are referred
to -
- the announcement dated Thursday, 8 February 2007 in which, inter
alia, preference shareholders were advised of the scheme of
arrangement ("preference scheme") proposed by Elephant Acquisition
(BC) (Proprietary) Limited (formerly known as Main Street 522
(Proprietary) Limited) ("Newco") between Edcon and the preference
shareholders of Edcon;
- the announcement dated Friday, 16 March 2007 which set out the
important dates and times in respect of the preference scheme; and
- the circular to preference shareholders dated Friday, 16 March 2007
("circular").
2. RESULTS OF THE PREFERENCE SCHEME MEETING
Preference shareholders are advised that -
- the preference scheme was unanimously approved at the preference
scheme meeting held on Monday, 16 April 2007; and
- it is expected that application will be made to the High Court of
South Africa (Witwatersrand Local Division) on Tuesday, 24 April 2007 at
10:00 or so soon thereafter as counsel may be heard for the sanctioning
of the preference scheme. The court is located at the High Court
Building, Von Brandis Square, corner Pritchard and Von Brandis Streets,
Johannesburg.
3. OUTSTANDING CONDITIONS PRECEDENT
Preference shareholders are reminded that the preference scheme is
still subject to the fulfilment of certain conditions precedent, the
details of which are set out on page 29 of the circular.
4. CHAIRMAN`S REPORT
A copy of the chairman`s report on the preference scheme meeting will
be available to any preference scheme member on request, free of
charge, from Tuesday, 17 April 2007 until the date on which
application is made to the High Court to sanction the preference
scheme, which is expected to be Tuesday, 24 April 2007, during normal
business hours, at the registered office of Edcon, Edgardale, 1 Press
Avenue, Crown Mines, 2092.
5. FURTHER ANNOUNCEMENTS
A further announcement regarding the results of the Court hearing and
the final important dates and times for the preference scheme will be
released on SENS and published in the press after the Court hearing.
On behalf of the Independent Committee of the Board of Directors of
Edcon
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
Legal adviser to Edcon Credit Suisse
Werksmans Inc. Standard Bank
Transactional sponsor and equity capital South African legal adviser to
markets adviser to Edcon Newco
Merrill Lynch South Africa (Proprietary) Webber Wentzel Bowens
Limited
International legal advisers to
Namibian Sponsor Newco
IJG Securities (Pty) Limited Kirkland & Ellis International LLP
Independent adviser to the Edcon Board Private equity sponsor and
PricewaterhouseCoopers Corporate Finance transaction arranger for Newco
(Proprietary) Limited Bain Capital LLC
Debt arrangers and providers to
Newco
Barclays
ABSA Capital
Credit Suisse
Deutsche Bank
Date: 16/04/2007 11:04:01 Produced by the JSE SENS Department.
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