| Wed 19 Mar 2008, 17:46 | | LMID - Lereko Mobility - Notice To Lereko Mobility Debenture Holders |
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JSE LMID
LMID
LMID - Lereko Mobility - Notice To Lereko Mobility Debenture Holders
Lereko Mobility (Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2004/034154/07)
ISIN number: ZAE000067229 JSE Code: LMID
("Lereko Mobility" or "the Company")
NOTICE TO LEREKO MOBILITY DEBENTURE HOLDERS
1. Introduction
Further to the detailed cautionary announcement released on SENS on
Wednesday, 27 February 2008 ("detailed cautionary announcement") by
Imperial Holdings Limited ("Imperial"), Lereko Mobility`s redeemable
equity-linked debenture holders ("debenture holders") are advised that
a general meeting of debenture holders ("general meeting") will be
held at 09:30 on Friday 18 April 2008 at Imperial Place, Jeppe
Quondam, 79 Boeing Road East, Bedfordview to approve the proposed
amendments to the debenture trust deed.
The amendments to the debenture trust deed, arising from the proposed
unbundling of the Leasing and Capital Equipment division of Imperial
("Eqstra Holdings Limited") as dealt with in the detailed cautionary
announcement published by Imperial, include amendments to the formula
for the calculation of the final redemption amount, debenture cover
ratio and other consequential changes thereon. Details of these
amendments are contained in the circular mailed to debenture holders.
2. Independent expert`s opinion
Lereko Mobility, with the consent of the trustee, engaged Deloitte &
Touche Corporate Finance to provide an independent expert`s opinion on
whether the proposed amendments to the terms and conditions of the
debentures are fair to the debenture holders.
Deloitte & Touche Corporate Finance is of the opinion that the revised
terms and conditions of the debentures are fair to debenture holders.
The opinion from Deloitte & Touche Corporate Finance is contained in
the
circular to debenture holders.
3. Posting of the circular
A circular, providing further information on the proposed amendments
to the debenture trust deed and containing a notice of general meeting
and a form of proxy, will be posted to debenture holders on Thursday,
20 March 2008.
Johannesburg
19 March 2008
Merchant bank and transaction sponsor to Lereko Mobility: Rand Merchant
Bank (A division of FirstRand Bank Limited)
Legal adviser to Imperial and transaction adviser to Lereko Mobility:
Tugendhaft Wapnick Banchetti & Partners
Independent expert: Deloitte & Touche Corporate Finance, Registered
Auditors
Trustee: Steinway Trustees
Sponsor: Merrill Lynch South Africa (Proprietary) Limited
Date: 19/03/2008 17:46:01 Produced by the JSE SENS Department.
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