GEN - Securities Regulation Panel - Request for wr
JSE
GEN
GEN - Securities Regulation Panel - Request for written submissions
Securities Regulation Panel
Proposed offer by a consortium of investors led by the Mineworkers
Investment Company (Proprietary) Limited, the Isaac Kirsh Family Trust No.
2, the William Kirsh Family Trust and, if applicable, their respective
family entities (collectively "the Consortium") to acquire the entire
issued ordinary and N ordinary share capital of Primedia Limited
("Primedia"): Request for submissions
Shareholders are referred to the detailed cautionary announcement published
on SENS on 7 February 2007 where it was announced that the Consortium,
acting through Red Pen 2 Investments (Proprietary) Limited intends to
propose an offer for the entire issued ordinary and N ordinary share
capital of Primedia by way of two inter-conditional schemes of arrangement
("the Schemes") in terms of Section 311 of the Companies Act. The schemes
will be between Primedia and its ordinary shareholders and Primedia and its
N ordinary shareholders for a consideration of R25.50 per ordinary share
and R24.50 per N ordinary share respectively.
The Executive Director of the Securities Regulation Panel ("SRP") has
determined that interested parties will be given an opportunity to make
written submissions to the Executive Director of the SRP as to whether the
intended offer prices for the ordinary and N ordinary shares are comparable
in terms of Rule 11.1 (and other rules which may be applicable thereto) of
The Securities Regulation Code on Takeovers and Mergers. This rule states
that: "Where a company has more than one class of security as its capital,
a comparable offer must be made for each class whether such capital carries
voting rights or not."
Written submissions are to be received by the Executive Director of the SRP
by 12:00 on Wednesday, 13 June 2007. Submissions may be faxed to the SRP on
fax number +27 11 482 5635 or may be delivered by hand to the SRP at the
following address:
2 Sherborne Road
Parktown
2193
Shareholders will be advised of the decision of the Executive Director of
the SRP on SENS and the South African press on Friday, 15 June 2007.
Sandton
5 June 2007
Date: 05/06/2007 16:59:18 Produced by the JSE SENS Department.
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