Naspers has, further to cautionary announcement dated 24 Jan 01, and in terms of a scheme of arrangement made a 120 cent per share offer to Educor shareholders. An alternate offer of shares (the number of which are still to be determined) in place of a cash payment will be made closer to the time of implementation of the offer. Nozala, a 6.5% shareholder of Educor will retain its holding in the company. Sixty three percent of Educor minorities have indicated that they will vote in favour of the scheme which has been approved by Educor directors as well as Grant Thornton Kessel Feinstein Corporate Finance (Pty) Ltd. It is the intention of Naspers, following settlement of all conditions, to terminate the listing of Educor shares on the JSE. This will occur on the operative date of the scheme.
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