Johnnic / Johncom - Further Cautionary Announcemen
JOHNNIC HOLDINGS LIMITED
(formerly Johnnies Industrial Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1889/000429/06)
("Johnnic")
JOHNNIC COMMUNICATIONS LIMITED
(formerly Omni Media Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1889/000352/06)
("Johncom")
(collectively, "the Johnnic Group")
Further cautionary announcement
Further to the cautionary announcement dated 27 February 2001 providing certain
details of the further restructuring of the Johnnic Group ("the proposed
restructuring"), Standard Corporate and Merchant Bank is authorised to announce
that the boards of directors of Johnnic and Johncom are continuing to assess
restructuring proposals with the objective of:
* flattening the current pyramid structure;
* unlocking shareholder value; and
* preserving the Johnnic Group's black empowerment status.
The Johnnic Group remains committed to the proposed restructuring and will
publish further details shortly.
The proposed restructuring, if implemented, may have a material effect on the
prices of Johnnic and Johncom shares. Accordingly, shareholders are advised to
continue exercising caution when dealing in the shares of these companies until
a further announcement is made.
Johannesburg
9 April 2001
Merchant bank and sponsor
SCMB
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Merchant bank
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Tax advisers
Deloitte & Touche
Finstruct Financial Services
Attorneys
Webber Wentzel Bowens
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