| Fri 13 Jul 2001, 0:00 | | Offer By Imperial To Acquire A Majority Stake In T |
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Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number : 1946/021048/06)
("Imperial")
Tourism Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number : 1996/008144/06)
("Tourvest")
OFFER BY IMPERIAL TO ACQUIRE A MAJORITY STAKE IN TOURVEST ("THE OFFER")
Offer declared unconditional
Imperial wishes to advise that on Friday, 13 July 2001, it declared the
offer to acquire a majority stake in Tourvest unconditional.
As at the close of business on Thursday, 12 July 2001, Imperial had acquired
118,922,700 Tourvest ordinary shares, representing 14.32% of the issued
ordinary share capital of Tourvest in the open market. In addition,
330,301,159 ordinary shares, representing 39.77% of the issued ordinary
share capital of Tourvest, have been tendered by ordinary shareholders of
Tourvest who have accepted the offer. Consequently, Imperial had acquired
in total, at the close of business on Thursday, 12 July 2001, 449,223,859
Tourvest ordinary shares representing 54.09% of the issued ordinary share
capital of Tourvest.
The Competition authorities have granted their unconditional approval to the
acquisition of a majority stake in Tourvest by Imperial.
Final closing date
The final closing date of the offer will be 16h00 on Monday, 30 July 2001.
Should ordinary shareholders of Tourvest still wish to accept the offer,
forms of acceptance, surrender and transfer ("forms of acceptance"),
together with the relevant documents of title, must be delivered by hand or
posted to:
Computershare Services Limited OR Computershare Services Limited
2nd Floor, Edura House PO Box 61051
41 Fox Street Marshalltown
Johannesburg 2107
2001
Forms of acceptance and relevant documents of title not received by
Computershare Services Ltd before 16h00 on Monday, 30 July 2001 may be
rejected by Imperial.
All trading in Tourvest shares for the week ending Friday, 27 July 2001 and
on Monday, 30 July 2001 will be for immediate settlement.
Proposed board of directors
It is proposed that the board of directors of Tourvest be reconstituted with
Carol Scott as chairman and will comprise:
CE Scott, JMP Desmidt, BW Gutkin, IWC Hay, WG Lynch and JM Shabangu.
Payment of consideration
Imperial will commence mailing cheques in payment of amounts due to
accepting Tourvest shareholders, by registered post, from Monday, 16 July
2001.
Further announcement
Imperial will publish an announcement in the press on or about Wednesday, 1
August 2001 setting out the final results of the offer.
13 July 2001
Sponsor to Imperial : Merrill Lynch South Africa (Pty) Ltd
Sponsor to Tourvest : Investec Securities Ltd
Financial adviser to Imperial : Imperial Bank
Independent financial adviser to Tourvest: PSG Investment Bank
Attorneys to Imperial : Moss Morris Inc.
Attorneys to Tourvest : Fluxman Rabinowitz-Raphaely Weiner Inc.
Investor relations advisor to Imperial : Penelope Gracie Investor Relations
CC
Transfer secretaries to Tourvest : Computershare Services Ltd
