INTERVID LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1999/011483/06)
("INTERVID" OR THE COMPANY")
Issue of shares for cash
1.Issue of shares for cash
At the general meeting of Intervid shareholders ("shareholders") held on 13
December 2000, shareholders approved an ordinary resolution granting the
directors of Intervid specific authority to issue a maximum of 2 000 000 of the
authorised but unissued ordinary shares in the capital of Intervid. The
specific authority relates to an option agreement entered into between Intervid
and the Council for Scientific & Industrial Research ("CSIR"), whereby the CSIR
has an option to subscribe for 2 000 000 ordinary shares in the share capital
of Intervid ("ordinary share") at a price of R3 per share until 30 May 2002. In
terms of the option agreement the CSIR have elected to subscribe for 1 000 000
ordinary shares ("the subscription") with effect from 16 March 2001.
The 30-day weighted average share price (" 30-day weighted average") for the
period ending on 21 November 2000, being the last practicable date prior to the
finalisation of the circular to shareholders dated 25 November 2000, was 548
cents per Intervid share. The option price of R3 represents a discount of 248
cents or 45% to the 30-day weighted average.
2.Share capital structure
Pursuant to the subscription, the issued share capital of Intervid has
increased from 88 071 000 ordinary shares of 0,01 cent each to 89 071 000
ordinary shares of 0,01 cent each. The JSE Securities Exchange South Africa
("JSE") has approved the listing of the 1 000 000 new ordinary shares on the
Industrial - "Information Technology" sector of the JSE lists.
3.Financial effects
The subscription will have no material effect on the earnings, headline
earnings, net asset value or tangible net asset value per share of Intervid as
is disclosed in the circular based on Intervid's most recently published
financial information.
4.Fair and reasonable statement
Although the CSIR is considered to be a related party, the subscription is
regarded by the JSE as a "small transaction". Accordingly, a fair and
reasonable statement was not included in the circular.
Johannesburg
19 March 2001
Merchant bank
BOE Merchant Bank
A Division of BOE Bank Limited
Co. Reg. No. 1951/000847/06
Sponsor
BoE Securities (Pty) Ltd
Member of the JSE Securities Exchange South Africa
Co. Reg. No. 1995/012240/07
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