Iscor - Proposal By Avmin/idc Alliance To Restruct
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 the following Iscor directors would be removed:
- Hans Smith; Malcolm Macdonald; Tom de Beer; Jurie Geldenhuys; Colin Fenton;
Jan van den Berg,
and the following nominees would be proposed for appointment as directors in
their place:
- S Macozoma; R Menell; B Menell; R Barbour; T Tshivhase; P Flack.
The full Iscor Board, save for Gert Gouws, an IDC representative, who has
recused himself, unanimously views the proposals to remove certain Directors
and replace them with Directors who represent the particular interests of the
Avmin/IDC Alliance as untenable and as opportunistic, given the imminent
announcement of full details of its restructuring proposals for Iscor
previously referred to in the cautionary announcement which was published on 1
February 2001.
The restructuring proposals are expected to unlock value for the benefit of all
Shareholders and the Iscor Board affirms that it will not be coerced into
agreeing to serve the particular interests of the Avmin/IDC Alliance. It is of
the view, furthermore, that the actions of the Avmin/IDC Alliance will disrupt
and delay the process of the implementation of the restructuring proposals and
will therefore delay the timing for unlocking of Shareholder value.
The Iscor Board strongly recommends to all Shareholders that they do not
support the Avmin/IDC Alliance proposals.
Shareholders are further advised that the Iscor Board is fully committed to
proceeding with the publication of details of its well considered and objective
restructuring proposals for Iscor on 1 March 2001, together with the
publication of its interim results for the period ended 31 December 2000.
Pretoria
23 February 2001
Financial adviser and Sponsor
JP Morgan
Corporate law adviser and consultant
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
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.
