| Tue 29 May 2001, 0:00 | | Seartec/seardel - Sanctioning Of The Scheme Of Arr |
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SEARTEC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004962/06)
("Seartec")
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SEARTEC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004962/06)
("Seartec")
SEARDEL INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/011249/06)
("Seardel")
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Sanctioning of the scheme of arrangement by the High Court
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Sanctioning of the scheme
The scheme of arrangement proposed by Seardel between Seartec and its
shareholders, other than Seardel ("the scheme"), was sanctioned by the High
Court of South Africa (Cape of Good Hope Provincial Division) ("the Court")
and the Order of Court has been lodged with the Registrar of Companies for
registration.
Apart from the registration of the Order of Court, all other outstanding
conditions precedent relating to the scheme have been fufilled.
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Suspension and termination of stock exchange listing
The listing of Seartec shares on the JSE Securities Exchange South Africa
will be suspended from the close of business today, Wednesday, 30 May 2001
and will be terminated with effect from the close of business on Friday, 8
June 2001. The operative date of the scheme will be Monday, 4 June 2001.
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Scheme consideration and surrender of Seartec documents of title
In terms of the scheme, Seartec shareholders, registered as such on Friday,
1 June 2001 ("scheme participants"), are entitled to receive 95 cents per
share held ("the scheme consideration").
The scheme consideration will be posted on or about Monday, 4 June 2001 to
those scheme participants who have surrendered their documents of title by
the close of business on Friday, 1 June 2001. For those scheme participants
who surrender their documents of title after Friday, 1 June 2001, the scheme
consideration will be posted within five business days of the receipt of
their documents of title in terms of the scheme.
Accordingly, if they have not already done so, scheme participants should
surrender their documents of title as soon as possible to the transfer
secretaries, Mercantile Registrars Limited, 8th Floor, 11 Diagonal Street,
Johannesburg, 2001 (PO Box 1053, Johannesburg, 2000) in order to claim the
scheme consideration.
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Cape Town
30 May 2001
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Corporate adviser
ACF
Ansdale Management Services (Pty) Ltd
trading as Ansdale Corporate Finance
(Registration number 1995/003429/07)
Attorneys to the scheme
Sonneberg Hoffmann & Galombik Inc.
(Registration number 1993/000565/21)
Sponsor
KPMG
Independent adviser to scheme members
Moores Rowland Chartered Accountants (SA)
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