| Fri 1 Jun 2001, 0:00 | | Primedia Limited - Surrender Of Certificates |
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PRIMEDIA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/003355/06)
("Primedia")
Surrender of certificates in respect of Primedia ordinary units and "N"
units in exchange for a statement under the Share Transfer and replacement
Programme ("STAR")
The Board of Directors of Primedia ("the Board") has considered the
implications of the forthcoming implementation of Share Transactions Totally
Electronic ("STRATE") on the holders of Primedia ordinary units and "N"
units ("Primedia unitholders"). The Board is of the opinion that it would be
in the interests of Primedia unitholders to anticipate STRATE by
participating in STAR, a service offered by Mercantile Bank Limited in order
to assist issuers and unitholders to validate listed units prior to their
admission to STRATE.
STRATE, which will be managed by STRATE Limited, is an electronic settlement
environment that provides for transactions to be settled and transfer of
ownership to be recorded electronically. The primary objective of STRATE is
to eliminate the many risks inherent in the current method of clearing and
settling transactions executed on the JSE Securities Exchange South Africa
("JSE") to the benefit of all users on the JSE.
A circular in this regard was posted to Primedia-unitholders today ("the
circular").
Primedia unitholders will be required to surrender their existing
certificates under cover of the surrender and transfer forms contained in
the circular ("documents of title"), to Mercantile Registrars Limited, 3rd
Floor, 11 Diagonal Street, Johannesburg, 2001 (PO Box 1053 Johannesburg
2000), by no later than 16:00 on Friday, 29 June 2001. This will allow their
certificates to be verified and exchanged for a statement reflecting
electronic record of ownership of immobilised physical scrip previously held
by such Primedia unitholders ("unit statement").
It is recommended that Primedia unitholders surrender their documents of
title by registered post.
Primedia unitholders who do not wish to participate in STAR must submit
written applications in any legible form, together with their certificates,
to Mercantile Registrars Limited for validated new certificates which will
be overprinted with the words: "This certificate has been issued under the
Mercantile STAR Programme".
ALL EXISTING CERTIFICATES WILL CEASE TO BE GOOD FOR DELIVERY FOR
TRANSACTIONS ENTERED INTO ON THE JSE AFTER THE CLOSE OF BUSINESS ON FRIDAY,
29 June 2001. A notice to this effect, together with a second surrender and
unit transfer form, will be sent to those Primedia unitholders who have not
surrendered their certificates by 16:00 on Friday, 29 June 2001. Unit
statements or new certificates (as the case may be) will be posted to
Primedia unitholders, at their risk, by ordinary post or registered post,
respectively, on Monday, 2 July 2001, if the existing certificate, together
with the surrender and transfer form contained in the circular is received
by Mercantile Registrars Limited on or before Friday, 29 June 2001, or if
received after Friday, 29 June 2001, within five business days of receipt.
By order of the Board
R A Nicholson
Secretary
Johannesburg
4 June 2001
Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Transfer secretary
Mercantile Registrars Limited
(Registration number 1987/003382/06)
Custodian bank
Mercantile Bank Limited
Registration number 1965/0067/06)
