| Wed 4 Jul 2001, 0:00 | | Boe / Credcor - Competition Tribunal Approval |
|
BoE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003281/06)
("BoE")
CREDCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/010400/06)
("Credcor")
COMPETITION TRIBUNAL APPROVAL
1. INTRODUCTION
Further to the announcement published on 2 July 2001, BoE Merchant Bank is
authorised to announce that the Competition Tribunal has approved without
conditions the offer by BoE Bank Limited ("BoE Bank"), a wholly-owned
subsidiary of BoE, to acquire the entire issued share capital of Credcor by
means of a scheme of arrangement between Credcor and its shareholders, other
than BoE Bank, in terms of Section 311 of the Companies Act, 1973 (Act 61 of
1973), as amended ("the scheme") at its hearing on Wednesday, 4 July 2001.
The Order of Court sanctioning the scheme is in the process of being
uplifted from the Registrar of the High Court of South Africa (Durban and
Coast Local Division) and will then be registered by the Registrar of
Companies (collectively "the remaining conditions precedent"). As the
remaining conditions precedent are to be fulfilled by Friday, 6 July 2001,
the salient dates and times relating to the scheme are as set out in the
announcement published on 2 July 2001.
2. PAYMENT OF THE SCHEME CONSIDERATION
The scheme consideration of 297,14 cents per Credcor share, which includes
interest of 1,14 cents per Credcor share ("the scheme consideration") will
be paid to scheme participants (being shareholders of Credcor, other than
BoE Bank, registered as such at the close of business on Friday, 6 July
2001), who have already surrendered their existing share certificates and/or
other documents of title, together with a form of surrender, to the transfer
secretaries, Computershare Services Limited, 2nd Floor, Edura, 41 Fox
Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107), on Monday, 9
July 2001. For scheme participants who still need to surrender their
existing share certificates and/or other documents of title, together with a
form of surrender, to the transfer secretaries, the scheme consideration
will be posted within five business days of receipt thereof by the transfer
secretaries. A surrender circular, containing a further form of surrender,
will be sent to scheme participants on Monday, 9 July 2001.
Durban
5 July 2001
Merchant bank to BoE
BOE Merchant Bank
A Division of BOE Bank Limited
Co. Reg. No. 1951/000847/06
Attorneys to BoE and to the scheme
S&W
Sponsor to BoE
BoE Securities (Pty) Ltd
Member of the JSE Securities Exchange South Africa
Co. Reg. No. 1995/012240/07
Transfer secretaries
Computershare Services Limited
Competition attorneys
Cliffe Dekker Fuller Moore Inc
(Registration number 1998/018173/21)
Lead sponsor to BoE
UBS Warburg Corporate Finance South Africa (Pty) Ltd
A financial services group of UBS AG
Member of the JSE Securities Exchange South Africa
(Registration number 1994/008363/07)
Merchant bank and independent advisor to Credcor
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys to Credcor
Webber Wentzel Bowens
Sponsor to Credcor
Investec Bank Limited
(Registration number 1969/004763/06)
