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FWD
FWD
FWD - Freeworld Coatings Limited - Securities Regulation Panel grants
Freeworld an extension to 17 January 2011 to post a circular
FREEWORLD COATINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/021624/06
Share code: FWD ISIN: ZAE000109450
("Freeworld" or the "Company")
SECURITIES REGULATION PANEL GRANTS FREEWORLD AN EXTENSION TO 17 JANUARY 2011
TO POST A CIRCULAR IN RESPONSE TO THE OFFER BY KANSAI PAINT CO., LTD
("KANSAI") TO FREEWORLD SHAREHOLDERS FOR ALL OF THEIR FREEWORLD SHARES (THE
"OFFER")
Freeworld shareholders are referred to the announcement released on SENS on
15 December 2010 stating, inter alia, that Freeworld had made application to
the Securities Regulation Panel ("SRP") for an extension to the 14 day period
for publication by Freeworld of a circular (the "Freeworld circular") in
terms of Rule 27.2 of the Securities Regulation Code on Takeovers and Mergers
(the "Code"). This was in order to allow the Freeworld board sufficient time
to obtain an opinion from an external advisor and ensure Freeworld
shareholders have all the necessary information to be in a position to
properly assess the offer.
The SRP has granted Freeworld an extension until 17 January 2011 to post the
Freeworld circular. Freeworld shareholders are urged to wait until they have
received and had an opportunity to review the Freeworld circular, which will
contain the views of the Freeworld board and the opinion of the external
advisor to the Freeworld board on the offer by Kansai for the entire issued
share capital of Freeworld not already owned by Kansai or its nominees,
before they decide whether to accept such offer.
The independent committee of the Freeworld board, having considered all
information contained in this announcement, accepts full responsibility for
the accuracy of such information and certifies that, to the best of its
knowledge and belief (having taken all reasonable care to ensure that this is
the case), the information contained in this announcement is in accordance
with the facts and that nothing that is likely to affect the import of this
information has been omitted.
Johannesburg
23 December 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: 23/12/2010 09:47:01 Produced by the JSE SENS Department.
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