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REM
REM
REM - Remgro/VenFin - Extension of the timeline relating to the potential
acquisition by Remgro of the entire issued share Capital of Venfin
Remgro Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/006415/06)
(ISIN: ZAE000026480)
(Share code: REM)
("Remgro")
VenFin Limited
(Incorporated in the Republic of South Africa)
(Registration number 2004/034954/06)
(ISIN: ZAU000005308)
("VenFin")
EXTENSION OF THE TIMELINE RELATING TO THE POTENTIAL ACQUISITION BY REMGRO OF THE
ENTIRE ISSUED SHARE CAPITAL OF VENFIN (THE "PROPOSED TRANSACTION")
Shareholders of Remgro and VenFin are referred to the detailed terms
announcement released by Remgro on SENS on 23 June 2009 and the firm intention
announcement published by VenFin in the press on 24 June 2009 (the
"Announcements"), as well as to the circular to Remgro shareholders dated 24
July 2009 and the circular to VenFin ordinary shareholders dated 24 July 2009
(the "Circulars") regarding the Proposed Transaction.
In the Announcements and the Circulars it was indicated that Remgro and VenFin
anticipated that all conditions precedent to the Proposed Transaction would be
fulfilled by 16 October 2009. As at the date of this announcement, the only
outstanding condition precedent to the Proposed Transaction is the approval of
the Proposed Transaction by the Competition Authorities.
The Competition Commission has requested an extension of the time period allowed
to it for the making of a recommendation to the Competition Tribunal regarding
the Proposed Transaction and Remgro and VenFin agreed to grant such an
extension. As a result of the granting of this extension it is unlikely that
the outstanding condition precedent will be fulfilled by 16 October 2009.
Remgro and VenFin have therefore agreed to extend the date for the fulfilment of
this condition precedent (which is currently 31 October 2009) to 15 December
2009, and the Securities Regulation Panel has approved the granting of such an
extension.
A further announcement regarding the anticipated timeline for the completion of
the Proposed Transaction will be released on SENS and published in the press in
due course once the Competition Authorities have ruled on the Proposed
Transaction.
Merchant bank and sponsor to Remgro
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Financial advisor to VenFin
NLA (Newman Lowther & Associates (Pty) Limited)
Attorneys to Remgro
Cliffe Dekker Hofmeyr
Attorneys to VenFin
Webber Wentzel
Stellenbosch
1 October 2009
Date: 01/10/2009 10:43:00 Produced by the JSE SENS Department.
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