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Decillion Limited - Results Of General Meetings And Announcement Of A Rights
Offer
Decillion Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011692/06)
Share code: DEC ISIN: ZAE000017612
("Decillion" or "the company")
RESULTS OF GENERAL MEETINGS AND ANNOUNCEMENT OF A RIGHTS OFFER
RESULTS OF THE GENERAL MEETINGS
The directors are pleased to announce that, at the general meetings of Decillion
shareholders held on 28 June 2002 and 15 July 2002, respectively, the requisite
majority passed the special and ordinary resolutions authorising:
- the adoption of new Articles of Association; and
- the creation of not more than 46 850 767 unsubordinated, unsecured,
redeemable, convertible debentures at an issue price of R1,75 each
("convertible debentures").
The special resolution has been submitted to the Registrar of Companies for
registration.
RIGHTS OFFER
1. Introduction
Shareholders are advised that the board of directors of Decillion has resolved
to raise additional capital by way of a rights offer of the convertible
debentures to shareholders of Decillion ("the rights offer"). The rights offer
will be partially underwritten and therefore it will not be conditional upon any
minimum subscription level above the underwritten amount.
2. The purpose of the rights offer
The purpose of the rights offer is to raise approximately R81 million (before
expenses) which will be utilised to further pursue business opportunities in the
asset management field.
3. Salient dates relating to the rights offer
3.1 Last day to trade
The last day to trade in order to participate in the rights offer will be
Thursday, 8 August 2002.
3.2 Record date
Shareholders who are recorded as such in the books of the company at the close
of business on Friday, 16 August 2002, will be entitled to participate in the
rights offer.
3.3 Terms of the rights offer
Number of convertible debentures 46 556 788
offered
Ratio of entitlement 21 convertible
debentures for
every 100
Decillion shares
Rights offer price per convertible 175 cents
debenture
Maximum amount to be raised R81 474 379
Maximum number of convertible
debentures to be issued and listed on 46 556 788
the JSE Securities Exchange South
Africa ("JSE") after the rights offer
The terms of the convertible debentures were set out in a circular to
shareholders dated 28 June 2002.
4. Conditions precedent
The rights offer is conditional upon, inter alia:
- the underwriting agreement becoming irrevocable;
- the granting by the JSE of listings for the letters of allocation pertaining
to the convertible debentures and the convertible debentures to be issued
pursuant to the rights offer; and
- the registration by the Registrar of Companies of all documents required in
respect of the rights offer.
5. Further announcement
A further announcement setting out the finalisation information relating to the
rights offer will be published on or about Thursday, 1 August 2002.
Johannesburg
18 July 2002
Corporate adviser and Attorneys Reporting accountants
sponsor Jowell Glyn & Deloitte & Touche
Barnard Jacobs Mellet Marais Inc
Corporate Finance (Pty)
Ltd
Date: 18/07/2002 05:02:00 PM Produced by the JSE SENS Department
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