Genbel South Africa Limited - Potential Restructur
GENBEL SOUTH AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/032379/06)
("Genbel")
ANNOUNCEMENT REGARDING POTENTIAL RESTRUCTURING INITIATIVES
Genbel shareholders are advised that the Board of Directors of Genbel ("the
Board") has appointed Mr Johan van Reenen, Gensec Bank Limited, Rand Merchant
Bank and Edward Nathan & Friedland (Pty) Limited (collectively "the advisers")
to investigate and evaluate various potential restructuring initiatives for
Genbel.
The objectives of the potential restructuring initiatives are to address:
* the impact of the proposed introduction of Capital Gains Tax ("CGT") in
October 2001, which in terms of the current draft legislation, will have the
effect of creating a double CGT liability for Genbel shareholders; and
* the discount at which Genbel shares currently trade on the open market to its
underlying net asset value.
The Board will communicate with Genbel shareholders after due consideration has
been given to the alternative potential restructuring initiatives presented.
This is not expected to be later than at the time of the Genbel preliminary
results for the year ending 30 June 2001.
E H Verbeek Johannesburg
Company Secretary 5 April 2001
Investment bank and sponsor
Gensec Bank Limited
(Registration number 1996/004744/06)
Merchant bank
Rand Merchant Bank
Corporate Finance
A Division of FirstRand Bank Limited
Corporate law advisers and consultants
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
Sponsoring broker in Namibia
Herbert Maier
Member of the Namibian Stock Exchange
Trading as JP Morgan
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
