| Mon 14 Jun 2010, 16:30 | | FWD - Freeworld Coatings Limited - Results of scheme meeting |
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FWD
FWD
FWD - Freeworld Coatings Limited - Results of scheme meeting
FREEWORLD COATINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/021624/06
Share code: FWD ISIN: ZAE000109450
("Freeworld" of "the Company")
RESULTS OF SCHEME MEETING
Freeworld shareholders are advised that the scheme of arrangement in terms of
section 311 of the Companies Act, 61 of 1973, as amended, proposed by a private
equity consortium led by private equity funds under the management of
subsidiaries of Brait Societe Anonyme ("Bidco"), to acquire all of the shares in
Freeworld (other than those shares already held by Bidco and Bidco`s holding
company, VVT Infrastructure Investments (Proprietary) Limited, for an amount
equal to R10.45 per share ("the scheme"), has not been approved by the requisite
majority of votes at the scheme meeting held today, Monday, 14 June 2010.
The condition precedent to the scheme requiring that the scheme be approved by
the requisite majority of votes at the scheme meeting has therefore not been
fulfilled and, accordingly, the scheme will not be implemented. As a consequence
the Bidco offer has lapsed.
Johannesburg
14 June 2010
Merchant bank and sponsor to Freeworld
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Attorneys to Freeworld
Read Hope Phillips Thomas & Cadman Incorporated
Date: 14/06/2010 16:30:03 Produced by the JSE SENS Department.
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