| Fri 15 May 2009, 7:17 | | WES - Wesco Investments Limited - Salient dates relating to the proposed |
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WES
WES
WES - Wesco Investments Limited - Salient dates relating to the proposed
scheme of arrangement
Wesco Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/005871/06)
Share code: WES ISIN: ZAE000007928
("Wesco" or "the company")
South African Trust And Finance
Company (Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number 1943/016506/07)
("S A Trust")
SALIENT DATES RELATING TO THE PROPOSED
SCHEME OF ARRANGEMENT
1. COURT ORDER CONVENING A SCHEME MEETING
Further to the announcement dated 15 April 2009, shareholders of Wesco are
advised that the South Gauteng High Court (Johannesburg) ("the Court") granted
on Tuesday 12 May 2009 an order to convene a meeting of Wesco shareholders
("the scheme meeting") to consider and, if deemed fit, to approve with or
without modification, the scheme of arrangement in terms of section 311 of the
Companies Act, 1973 (Act 61 of 1973), as amended, proposed by S A Trust between
the company and its shareholders, other than S A Trust ("the scheme" and "the
scheme members") in terms of which S A Trust will acquire all of the shares
held by the scheme members for a consideration of 260 cents per scheme share.
2. SALIENT DATES AND TIMES RELATING TO IMPLEMENTATION OF THE SCHEME
2009
Last day to trade Wesco shares (over the counter trade
only) in order to be recorded in the register of Wesco
or in the sub-registers of Wesco administered
by CSDPs in order to vote at the scheme meeting Thursday 28 May
Voting record date (at 17:00) Thursday 4 June
Last day to lodge forms of proxy for the
scheme meeting (by 10:30) Friday 5 June
Scheme meeting held (at 10:30) Tuesday 9 June
Release results of the scheme meeting on SENS Tuesday 9 June
Publish results of the scheme meeting in the press Wednesday 10 June
Court hearing to sanction the scheme (at 10:00 or as soon
thereafter as counsel may be heard) Wednesday 17 June
Release the results of the Court hearing on SENS Wednesday 17 June
Publish results of the Court hearing in the press Thursday 18 June
Registration of order sanctioning the scheme by Registrar Thursday 18 June
If the scheme is sanctioned and becomes effective
Finalisation date Friday 19 June
Last day to trade Wesco shares (over the counter trade
only) in order to be recorded in the register of Wesco
or the sub-registers of
Wesco administered by CSDPs in order to
participate in the scheme Friday 26 June
Consideration record date to determine
participation in the scheme Friday 3 July
Operative date of the scheme (from the commencement of
business) when: Monday 6 July
- cheques in respect of the scheme consideration will
be posted to certificated scheme participants (if documents
of title are received on or prior to 12:00 on the
consideration record date) or, failing receipt of documents
of title on or before12:00 on the consideration record date,
within five business days of receipt by the transfer secretaries
- dematerialised scheme participants will have their
accounts held at their CSDP or broker debited with their
scheme shares and credited with the scheme consideration in
respect thereof
Termination of the listing of Wesco shares (from the
commencement of business) Tuesday 7 July
3. DOCUMENTATION
A circular containing full details of the scheme (including the Order of Court
and the notice convening the scheme meeting), which has been approved by the
JSE Limited and the Securities Regulation Panel, will be posted to the relevant
shareholders today.
By order of the board
Parktown
14 May 2009
Sponsor
ARCAY MOELA
Independent professional advisor
CHARLES ORBACH & COMPANY
Corporate Finance (Proprietary) Limited
Attorneys
FLUXMANS ATTORNEYS
Date: 15/05/2009 07:17:02 Produced by the JSE SENS Department.
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