Proposal By Avmin/idc Alliance To Restructure Isco
ISCOR LIMITED
(Registered and incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
("Iscor" or the "Company")
PROPOSAL BY AVMIN/IDC ALLIANCE TO RESTRUCTURE ISCOR BOARD OF DIRECTORS
Shareholders of Iscor ("Shareholders") are advised that the Board of Directors
of Iscor (the "Iscor Board") has received a notice from Anglovaal Mining
Limited ("Avmin") and the Industrial Development Corporation of South Africa
Limited (the "IDC") (collectively the "Avmin/IDC Alliance") regarding their
intention to convene a general meeting at which resolutions will be proposed in
terms of which certain of the Iscor directors would be removed and replaced
with directors nominated by the Avmin/IDC Alliance.
Shareholders are advised that the Iscor Board will respond to this shortly.
Pretoria
22 February 2001
SPONSOR
J P Morgan
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