FWD - Freeworld Coatings Limited - Response to SENS announcement of Kansai Paint
FWD
FWD
FWD - Freeworld Coatings Limited - Response to SENS announcement of Kansai Paint
Co Ltd on 21 January 2011
FREEWORLD COATINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/021624/06
Share code: FWD ISIN: ZAE000109450
("Freeworld" or "the Company")
RESPONSE TO SENS ANNOUNCEMENT OF KANSAI PAINT CO LTD ON 21 JANUARY 2011
Freeworld shareholders are referred to the announcement released on SENS on 21
January 2011 by Kansai Paint Co Ltd ("Kansai") in response to Freeworld`s
Circular which was posted to shareholders on 17 January 2011.
In its SENS announcement, Kansai has suggested that the board of Freeworld
appears intent on obstructing Kansai`s offer because it has raised concerns
relating to aspects of Kansai`s offer to acquire all or a portion of the
Freeworld shares ("the offer").
The board of Freeworld rejects this suggestion.
The board of Freeworld has pointed out in its circular that it considers the
Kansai offer price as fair and reasonable.
Freeworld has raised competition related concerns with the competition
authorities and concerns about the timetable of the Kansai offer with the
Securities Regulation Panel. This is what is required of the Company in pursuit
of its responsibilities as a corporate citizen and the discharge of the board`s
fiduciary duties. To suggest that these actions are obstructive and seek to
frustrate the Kansai offer is to undermine the public interest that we all have
to serve.
It remains for the relevant authorities to consider and decide the matters
before them as they duly will do in due course.
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
25 January 2011
Merchant bank and sponsor to Freeworld
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 25/01/2011 07:11:19 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
