EERSTELING GOLD MINING COMPANY LIMITED
(Registration number 1987/001814/06)
(Incorporated in the Republic of South Africa)
("Eersteling") or ("the company")
OFFER TO MINORITY SHAREHOLDERS
INTRODUCTION
Further to the announcement on 14 November 2000, shareholders are advised that
the agreement between Spring Hills Trading Limited ("Spring Hills") and
Caledonia Mining Corporation ("Caledonia") in terms of which Spring Hills has
acquired 49% of Eersteling and has an option to acquire a further 49% has
become unconditional. In terms of the Securities Regulation Code, Spring Hills
is required to make an offer to the minority shareholders of Eersteling.
As a result of the share price of Eersteling consistently trading above the
mandatory offer price of 20 cents per share since 14 November 2000, the
Securities Regulation Panel ("SRP") has agreed that the offer may take the form
of a standby offer. Since 14 November 2000 the shares of Eersteling have
traded between 25 and 40 cents per share on an average of 1083 shares per day.
PURCHASE CONSIDERATION
In terms of the standby offer, Eersteling shareholders will be given the
opportunity to dispose of their shares to Spring Hills for 20 cents per share
("net of all dealing costs") through transactions on the JSE Securities
Exchange South Africa ("JSE").
Spring Hills has confirmed to the SRP that it has sufficient resources to
satisfy the full acceptance of the offer.
PERIOD OF THE OFFER
The offer will be open for the acceptance from 09h00, 26 February 2001 and will
close at 16h00, 19 March 2001.
ACCEPTANCE OF THE STANDBY OFFER
Minority shareholders in Eersteling who want to sell all or any of any of their
shares at 20 cents per share on the above terms should contact their
stockbroker to sell such shares through the JSE by contacting Derek van Dyk at
Sasfin Frankel Pollak Securities (Pty) Limited (011-883-2337) who will then
purchase the shares on behalf of Spring Hills or their nominees. Settlement of
such transactions will be in accordance with normal JSE settlement procedures.
Sasfin Frankel Pollak Securities (Pty) Limited has undertaken to reimburse the
relevant stockbroker, for the benefit of the shareholder concerned, all selling
costs incurred by a minority shareholder who accepts this offer. If any
minority shareholder in Eersteling is in any doubt as to the action they should
take regarding the standby offer, they should consult their stockbroker,
attorney, accountant or their professional advisor.
Johannesburg
23 February 2001
Sponsor
SASFIN BANK LIMITED
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