| Tue 7 Sep 2010, 16:48 | | ABU - A.B.E. Construction Chemicals Limited - Court sanctioning of scheme of |
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ABU
ABU
ABU - A.B.E. Construction Chemicals Limited - Court sanctioning of scheme of
arrangement
A.B.E. CONSTRUCTION CHEMICALS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1982/005383/06)
Share Code: ABU ISIN: ZAE000102059
("a.b.e.")
COURT SANCTIONING OF SCHEME OF ARRANGEMENT
Shareholders are referred to the announcement regarding the results of the
scheme meeting published on SENS on Monday, 23 August 2010, in which
shareholders were advised that the requisite majority of scheme members present
and voting, either in person or by proxy, approved the scheme of arrangement in
terms of section 311 of the Companies Act, No. 61 of 1973, as amended, proposed
by Chryso Southern Africa (Proprietary) Limited ("Chryso") between a.b.e. and
the shareholders of a.b.e. in terms of which Chryso will acquire 100% of the
issued shares in a.b.e., which constitutes a total of 100 000 000 shares
("scheme shares"), for a total cash consideration of R200 000 000, equalling
R2.00 per scheme share ("the scheme").
Shareholders are advised that the KwaZulu-Natal High Court has granted an order
("Order of Court") on Tuesday, 7 September 2010, sanctioning the scheme.
The implementation of the scheme remains conditional on, and will only become
operative upon, the fulfilment of the remaining condition precedent, being the
registration of the Order of Court by the Companies and Intellectual Property
Registration Office. A further announcement regarding the fulfilment of the
aforementioned condition and the date on which the scheme will be implemented
will be published in due course.
7 September 2010
Designated Advisor: PSG Capital (Proprietary) Limited
Legal advisors to a.b.e.: Prinsloo, Tindle & Andropoulos Inc.
Legal advisors to Chryso: Bowman Gilfillan Inc.
Date: 07/09/2010 16:48:01 Produced by the JSE SENS Department.
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