Results Of The Offer By Cfc To Laser Minority Shar
Commercial Finance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1944/000264/06)
("CFC")
The Laser Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1971/010431/06)
("Laser")
RESULTS OF THE OFFER BY CFC TO LASER MINORITY SHAREHOLDERS.
1. INTRODUCTION
It was announced on SENS and in the press on Monday, 18 June 2001 ("the
announcement date") that CFC had made an unconditional offer to acquire the
shares held by minority shareholders of Laser for 190 cents per Laser share
("the offer"). The offer was extended in accordance with the rules of the
Securities Regulation Panel ("SRP") and arose as a result of the conclusion
of a shareholders' agreement between CFC and a consortium representing the
interests of a group of individuals comprising persons responsible for the
executive management of Laser and Laser non-executive directors ("the
Consortium") ("the shareholders' agreement"). The shareholders' agreement
resulted in CFC exceeding the 35% threshold established by the SRP after
which a mandatory offer is required. The offer opened at 11:00 on Friday, 22
June 2001 and closed at 11:00 on Friday, 13 July 2001.
2. OFFER ACCEPTANCE LEVELS
Acceptances of the offer have been received in respect of 845 Laser shares,
representing 0,003% of the issued share capital of Laser. Accordingly, the
effects on the number of shares held by CFC and the Consortium are as
follows:
Pre-offer1 Percent2 Acceptances Post-offer3 Percent2
CFC 8 331 404 32,9% 845 8 332 249 32,9%
The Consortium 3 145 779 12,4% - 3 145 779 12,4%
11 477 183 45,3% 845 11 478 028 45,3%
Notes:
1 On Friday, 4 May 2001, being the date of the first announcement in the
press and on SENS regarding the offer, CFC and the Consortium held 8 323 004
(32,8%) and 3 145 779 (12,4%), respectively, in the issued share capital of
Laser. Between 4 May 2001 and the announcement date, CFC acquired a further
8 400 shares in the issued share capital of Laser on the open market of the
JSE Securities Exchange South Africa.
2 The percentage held in the issued share capital of Laser.
3 The number of shares held in the issued share capital of Laser after
taking into account those shares in respect of which the offer was accepted.
Cape Town and Durban
19 July 2001
Corporate adviser to transaction Sponsor to transaction
BoE Merchant Bank BoE Securities (Pty) Limited
Legal advisors to the Consortium
Bernadt Vukic Potash & Getz
Independent adviser to Laser minorities Competition Law Attorneys
Moores Rowland Cliffe Dekker Fuller Moore
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.
