Chester - Compulsory Offer To Minority Shareholder
CHESTER INVESTMENT HOLDINGS LIMITED
(Registration number 1983/005300/06)
("Chester")
COMPULSORY OFFER TO MINORITY SHAREHOLDERS OF
BRANDCORP HOLDINGS LIMITED
("Brandcorp")
1. INTRODUCTION
Brandcorp shareholders are advised that Chester has purchased an additional
3,477,568 ordinary shares in Brandcorp representing 2,54% of the equity at 73
cents per share, amounting to R2,538,624.60.
Prior to this transaction, Chester held 46,773,346 ordinary shares in Brandcorp
representing 34,17% of the equity.
This has resulted in Chester now holding 36,71% equity interest in Brandcorp.
2. OFFER TO MINORITY SHAREHOLDERS
In terms of the Securities Regulation Code and Rules of the Securities
Regulation Panel ("SRP"), Chester has acquired control of Brandcorp and is
required to extend an offer to all minority shareholders of Brandcorp.
Accordingly, Chester will extend such offer to all the minority shareholders of
Brandcorp for all or any of their shares at 73 cents per share, subject to the
necessary regulatory approvals.
3. FINANCIAL EFFECTS
Brandcorp shareholders will be notified of the financial effects of accepting
the offer in a subsequent announcement and in the circular to be issued to
shareholders.
4. DOCUMENTATION
Chester has provided the SRP with an undertaking that within 7 days of the date
of this announcement, Chester will satisfy the SRP that it can fulfil its
obligations in terms of the offer.
A circular to shareholders of Brandcorp, subject to approval by the JSE
Securities Exchange SA and the SRP containing full details of the offer to
minority shareholders of Brandcorp is in the process of preparation and will be
posted to shareholders once the regulatory approvals have been obtained.
Johannesburg
20 March 2001
Legal Advisors
Fluxman Rabinowitz, Raphaely Weiner
Attorneys
Sponsor
SG Sponsors
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