| Fri 8 Oct 2010, 13:56 | | CCI / IPL - CIC Holdings / Imperial Holdings - Postponement of court hearing to |
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CCI IPL
CCI IPL
CCI / IPL - CIC Holdings / Imperial Holdings - Postponement of court hearing to
sanction the scheme of arrangement
CIC Holdings Limited
(Incorporated in the Republic of Namibia)
(Registration number 95/502)
(Registered as an external company in the Republic of South Africa)
(Registration number 1996/002672/10)
JSE share code: CCI
ISIN: NA0009174278
("CIC")
Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021048/06)
JSE share code: IPL
ISIN: ZAE000067211
("Imperial")
POSTPONEMENT OF COURT HEARING TO SANCTION THE SCHEME OF ARRANGEMENT
Shareholders are referred to the announcement released on SENS and in the press,
dated 28 September 2010, wherein shareholders were advised that the scheme of
arrangement, proposed by Imperial, between CIC and its shareholders was approved
by the requisite majority of shareholders present and voting, in person or by
proxy, at the meeting of scheme members, held on 28 September 2010, at the
registered office of CIC in Namibia, being the Corner of Iscor and Solingen
Streets, Northern Industrial Area, Windhoek, Namibia.
Shareholders are hereby advised that the High Court of Namibia ("the Court") has
postponed the date of hearing the application to sanction the scheme to 10h00 on
Wednesday, 13 October 2010.
Shareholders are further advised that the implementation of the scheme remains
conditional on:
- the Court sanctioning the scheme;
- the registration of the Court order sanctioning the scheme by the Registrar
of companies;
- the approval of the Namibian and South African Competition Authorities;
- no dividend, distribution of any nature, or similar payment, other than
dividends in the normal course and on the same basis as dividends have been
calculated and paid historically, being declared by CIC between the date of
the announcement on 13 July 2010 and the operative date of the scheme; and
- prior to the scheme consideration settlement date, CIC not, except in
pursuance of a contract entered into earlier, undertaking any of the
actions referred to in Rule 19 of the SRP Code, without the prior written
consent of the SRP and of Imperial which consent shall not unreasonably be
withheld or delayed.
Further announcements regarding the fulfilment or otherwise of the above
conditions will be released on SENS and published in the press in due course.
8 October 2010
Transaction advisor and sponsor to CIC: PSG Capital (Proprietary) Limited
Legal advisors to CIC in Namibia: Engling Stritter & Partners
Sponsor to Imperial: Merrill Lynch SA (Proprietary) Limited
Legal advisors to Imperial: Tugendhaft Wapnick Banchetti and Partners
Corporate advisor to Imperial: Investec Bank Limited
Communication advisor to Imperial: Brunswick Group LLP
Date: 08/10/2010 13:56:01 Produced by the JSE SENS Department.
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