Illovo Limited
(Incorporated in the Republic of South Africa)
(Registered number 1906/000622/06)
("Illovo")
Results of the mandatory offer by Illovo to Zambia Sugar Plc minority
shareholdersFurther to the cautionary announcements dated 16 February 2001,
14 March 2001 and 23 March 2001, ING Barings is authorised to announce that
the mandatory offer by Illovo to Zambia Sugar Plc ("Zambia Sugar") minority
shareholders to acquire their shares in exchange for a cash consideration of
US$0,004128 has been accepted by shareholders of Zambia Sugar who held, in
the aggregate, 2 076 201 807 Zambia Sugar shares or 77,9% of those shares
not previously held by Illovo. Subsequent to the offer Illovo holds 4 837
132 626 Zambia Sugar shares or 89,1% of the issued share capital in Zambia
Sugar. The total consideration, including the consideration paid to Tate &
Lyle Plc for its 50,87% interest in Zambia Sugar, was approximately US$20
million (approximately R160 million).
Mount Edgecombe
21 May 2001
Financial adviser and sponsor
Ing Barings
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