Lenco Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 05/21962/06)
("Lenco" or "company")
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Results of meetings
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Rand Merchant Bank is authorised to announce that:
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1. the requisite number of Lenco shareholders have agreed to the scheme of
arrangement proposed by Lenco (Proprietary) Limited between Lenco and its
ordinary shareholders, other than Lenco (Proprietary) Limited, in terms of
section 311 of the Companies Act, No 61 of 1973, as amended ("the scheme");
and
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2. Lenco shareholders have passed the necessary special and ordinary
resolutions to give effect to the scheme and the proposed distribution in
specie by Lenco to Lenco shareholders in terms of section 60 of the Income
Tax Act of 67 232 993 of its holding of 67 711 162 Malbak shares, in the
ratio of 85 Malbak shares for every 100 Lenco shares held on the record date
("the unbundling").
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Conditions precedent
The scheme and the unbundling are subject to the following conditions
precedent:
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the sanctioning of the scheme by the High Court; and
the registration by the Registrar of Companies of the special resolutions
passed at the general meeting and the Order of Court;
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The application to the Court for the sanctioning of the scheme will be made
on 12 June 2001.
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Listing on the JSE Securities Exchange South Africa
Shareholders are reminded that, should the conditions precedent be met,
trade in Lenco shares will be suspended from the commencement of business on
Wednesday 13 June 2001 and Lenco will be delisted from the JSE with effect
from Monday 18 June 2001.
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Cape Town
30 May 2001
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RMB Corporate Finance
Merchant bank and Sponsor
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Independent financial adviser to Lenco minorities
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
Legal adviser
Bernadt Vukic Potash & Getz Attorneys
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Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
