Iscor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
("Iscor" or the "company")
The issue of shares to the Iscor Management Share Trust
(the "Trust")
The board of directors of Iscor have noted with concern recent press
comments regarding the issue of shares in Iscor ("shares") to the Trust
which governs the Iscor Management Share Scheme (the "Scheme").
The facts regarding the issue of the shares are as follows:
The shares were issued pursuant to options and share purchases granted in
terms of the rules of the Scheme. The number of unissued but allocated
shares as at 30 June 2000, was incorporated in the calculations of the
diluted earnings per share on page 48 of the annual report for the year
ended 30 June 2000. Further allocations of options and share purchases
granted in the normal course to employees during the current financial year
in terms of the rules of the Scheme have not been significant: no
allocations have been made to executive directors;
In view of the proposed restructuring and unbundling of Iscor, management
engaged independent advisers to advise the company on the application of the
Scheme to ensure equitable and fair treatment of all employees who are
participants under the Scheme ("Participants") in the unbundling process;
In terms of independent advisers' proposals, based on their existing rights,
Participants should be entitled to participate in the unbundling.
Accordingly, shares have to be issued to the Trust so that it is registered
as a shareholder as at the record date of the distribution of the shares in
the mining company. In other words, the shares that have already been
allocated to Participants are required to be issued to the Trust. These
shares will then be released to Participants in accordance with the rules of
the Scheme thereby enabling Participants to participate in the distribution
in due course;
No additional options or shares have been allocated to Participants as a
result of the proposed restructuring and unbundling.
By order of the Board
Pretoria
14 May 2001
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