MML - Metmar - Status of the proposed disposal by Metmar of its 21% interest in
MML
MML
MML - Metmar - Status of the proposed disposal by Metmar of its 21% interest in
PGR 17 Investments (Proprietary) Limited
Metmar Limited
Incorporated in the Republic of South Africa
Registration number: 1998/007269/06
Share code: MML
ISIN code: ZAE000078747
("Metmar" or "the company")
Status of the proposed disposal by Metmar of its 21% interest in PGR 17
Investments (Proprietary) Limited
Introduction
Metmar shareholders are referred to the cautionary announcements published on 28
May 2008, 30 May 2008, 18 June 2008 and 24 November 2008 and the announcements
published on 2 June 2008 and 26 June 2008 that contained details of the
irrevocable offer made by Kermas Limited ("Kermas") to acquire 100% of the
shares of PGR 17 Investments (Proprietary) Limited ("PGR 17") with effect from 1
September 2008 (the "Transaction"). Metmar has a 21% interest in PGR 17.
Amendments to the Transaction
PGR 17 and Kermas are in the process of preparing legal agreements incorporating
certain revised terms and conditions and extended payment terms. There is
however no change in the basis of arriving at the purchase price.
Subsequent to the unconditional approval by the Competition Tribunal of the
Transaction with the buyer as Kermas or its nominee company, Kermas requested
the introduction of its nominee company to participate in the Transaction, which
has been approved by PGR 17.
Documentation and notice of a Metmar shareholders` general meeting
The necessary circular containing the information required in terms of the JSE
Limited Listings Requirements in respect of the Transaction and incorporating a
notice of a Metmar shareholders` general meeting to approve the Transaction will
be finalised upon completion of the revised legal agreements, which circular
will then be posted to Metmar shareholders.
Bryanston
28 January 2009
Sponsor
QuestCo Sponsors (Pty) Ltd
Date: 28/01/2009 17:42:01 Produced by the JSE SENS Department.
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