Avmin And Idc Examining Options For Iscor Investme
Anglovaal Mining Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
("Avmin"or "the company")
INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
(Registration number 05/14201/06)
("IDC")
AVMIN and IDC examining options for Iscor investment
Stakeholders are referred to the joint announcements made by Avmin and IDC,
dated 1 February 2001 and 21 February 2001, respectively.
In the announcement dated 1 February 2001, Avmin announced that it had acquired
an interest of approximately 14% in Iscor Limited ("Iscor") and had formed an
alliance ("the alliance") with the IDC with the express intention of unlocking
value in Iscor. In the announcement dated 21 February 2001 the alliance stated
that it was proposing to call a shareholders' meeting to reconstitute the board
of directors of Iscor.
The alliance, which holds approximately 26% of Iscor, has decided to defer
convening the shareholders' meeting to reconstitute the board until further
notice. This is pending a comprehensive evaluation of various options,
including the latest Iscor restructuring proposal, in order to determine which
option is in the best interests of Iscor shareholders.
A further announcement will be made as and when appropriate.
Johannesburg
30 March 2001
Financial advisers to Avmin
Deutsche Securities (Proprietary) Limited
Member of the Deutsche Bank Group
Deutsche Bank Securities (SA) (Pty) Limited
(Registration number 1995/011798/07)
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Financial advisers to IDC
HSBC Investment Services (Africa) (Pty) Limited
Reg. No. 1984/001736/07
Legal advisers to Avmin
Bowman Gilfillan Inc.
Registration number 1998/021409/21
CANCA Incorporated
(Registration number 1996/006459/21)
Sponsor to Avmin
Deutsche Securities (Proprietary) Limited
Member of the Deutsche Bank Group
(Registration number 1973/006709/07)
Member of the JSE Securities Exchange South Africa
Legal advisers to IDC
Werksmans Attorneys
Aluleke, Msimang & Associates
Attorneys, Notaries and conveyancers
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