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BSB
BSB
BSB - The House Of Busby Limited - Update on the scheme of arrangement
THE HOUSE OF BUSBY LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1997/009173/06)
Share code: BSB ISIN number: ZAE000013637
("Busby" or "the company)
UPDATE ON THE SCHEME OF ARRANGEMENT
Further to the announcement released on SENS on 11 March 2008 and in the press
on 12 March 2008, Busby shareholders are advised that the Competition Commission
has recommended that the proposed transaction be unconditionally approved. As
the proposed transaction is classified as a large merger in terms of the
Competition Act, Act 89 of 1998, the matter has been referred to the Competition
Tribunal for approval. The Competition Tribunal hearing is anticipated to be
held on 2 April 2008 and it is further anticipated that the approval of the
implementation of the transaction will be obtained from the Competition Tribunal
on the same date or shortly thereafter.
On 1 April 2008 ("the return date") application will be made to the High Court
of South Africa (Witwatersrand Local Division) ("the Court") for an order
sanctioning the scheme of arrangement on the basis that the Order of Court
sanctioning the scheme will not be uplifted from the Court and registered until
such time as evidence has been provided to the Court that the Competition
Tribunal has approved the transaction.
If the order referred to above is not granted, application will be made to the
Court on 1 April 2008 to postpone the return date to a later date in order to
obtain the approval of the transaction by the Competition Authorities prior to
the Court hearing the application to sanction the scheme.
As previously advised, all of the remaining conditions precedent to the scheme
have been fulfilled save for:
- the approval of the transaction by the Competition Authorities;
- the Court sanctioning the scheme on the return date; and
- the registration of the notarially certified copy of the Order of Court
sanctioning the scheme with the Companies and Intellectual Property
Registration Office.
An announcement will be published on SENS and in the press once the court has
either sanctioned the scheme (which announcement will also set out the salient
dates for the implementation of the scheme) or has postponed the return date.
Johannesburg
27 March 2008
Corporate advisor
and transaction sponsor to Busby
Java Capital (Proprietary) Limited
Attorneys and tax advisor to the proposer
Webber Wentzel (incorporating Mallinicks)
Attorneys to the scheme
Fluxmans Incorporated
Independent advisor
PKF Corporate Finance (Proprietary) Limited
Date: 27/03/2008 17:16:01 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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