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ABL ELH ABLP
ABL ELH
ABL / ABLP / ELH - African Bank Investments / Ellerine Holdings - Delay Of
Salient Dates And Times And Outstanding Conditions Precedent
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1946/021193/06)
(Registered bank controlling company)
Share code: ABL & ISIN: ZAE000030060
Preference share code: ABLP & ISIN: ZAE000065215
("ABIL")
ELLERINE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1968/013402/06)
Share code: ELH & ISIN: ZAE000022752
("Ellerines")
PROPOSED ACQUISTION BY ABIL OF THE ENTIRE ISSUED SHARE CAPITAL OF ELLERINES
BY WAY OF A SCHEME OF ARRANGEMENT ("THE SCHEME"): DELAY OF SALIENT DATES AND
TIMES AND OUTSTANDING CONDITIONS PRECEDENT
Further to the announcement published by Ellerines on SENS on Wednesday, 31
October 2007, Ellerines and ABIL shareholders are advised that the conditions
precedent that have not yet been fulfilled are:
1. the Competition Tribunal approving the proposed acquisition of Ellerines
by ABIL in terms of the Competition Act, 1998 (Act 89 of 1998) as
amended, either unconditionally or subject to such conditions as may be
acceptable to ABIL; and
2. a certified copy of the Order of Court sanctioning the scheme being
registered by the Registrar of Companies in terms of the Companies Act.
The Competition Commission has indicated that due to unforeseen
administrative delays, it has been unable to finalise its recommendation to
the Competition Tribunal in respect of the proposed acquisition of Ellerines
by ABIL. Accordingly, Ellerines and ABIL have agreed with the competition
authorities to an extension for filing its recommendation until Tuesday, 4
December 2007. The salient dates and times published in the circulars to
Ellerines and ABIL shareholders assumed that all conditions would have been
met by 30 November 2007 and as a result, the salient dates and times will be
delayed. A further announcement regarding the final dates and times of the
scheme will be released on SENS and published in the South African press in
due course.
Johannesburg
30 November 2007
Investment bank and sponsor to Ellerines
Nedbank Capital
Attorneys to Ellerines
Cliffe Dekker
Merchant Bank and transaction sponsor to ABIL
FirstRand Bank Limited, acting through Rand Merchant Bank Corporate Finance
Attorneys to ABIL
Prinsloo, Tindle & Andropoulos Inc.
Date: 30/11/2007 10:59:32 Produced by the JSE SENS Department.
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howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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