| Mon 17 Jan 2011, 13:36 | | FWD - Freeworld Coatings Limited - Posting of circular and withdrawal of |
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FWD
FWD
FWD - Freeworld Coatings Limited - Posting of circular and withdrawal of
cautionary announcement
FREEWORLD COATINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/021624/06
Share code: FWD ISIN: ZAE000109450
("Freeworld" or the "Company")
POSTING OF CIRCULAR AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Freeworld shareholders are referred to the announcement released on SENS on 23
December 2010 stating, inter alia, that the Securities Regulation Panel
("SRP") had granted 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 Freeworld
circular has been posted today, 17 January 2011.
In the Freeworld circular, the Freeworld board has, amongst other things,
expressed its concerns regarding the conditionality, structure and timing of
the offer by Kansai Paint Co., Ltd. ("Kansai") to acquire all or a portion of
the Freeworld shares at R12.00 per share (the "Offer"). Freeworld has also
noted an appeal to the full panel of the SRP in respect of the Acting
Executive Director`s approval of the timetable contained in the circular
posted by Kansai to Freeworld shareholders on 15 December 2010. The SRP is in
the process of convening a panel for the hearing of such appeal. At the date
of this announcement, the date for such hearing had not been settled, but
Freeworld has impressed upon the SRP the urgency of the matter and the
importance of the decision on the appeal being made and disseminated to
Freeworld shareholders a reasonable period prior to closing date, currently
anticipated to be 18 February 2011.
In light of the publication of the Freeworld circular the Company is satisfied
that it is not in possession of any material price sensitive information
relating to the Offer and that caution is therefore no longer required to be
exercised by shareholders when dealing in their Freeworld shares.
Johannesburg
17 January 2011
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: 17/01/2011 13:36:01 Produced by the JSE SENS Department.
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