African Harvest/pennystocks - Results Of Scheme Me
CONSIDERATION
AFRICAN HARVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/013827/06)
("African Harvest")
PENNYSTOCKS INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/002549/06)
("Pennystocks")
Announcement: results of scheme meeting / increased scheme consideration
Pennystocks shareholders are advised that:
- at a scheme meeting held on Wednesday, 18 July 2001 ("the scheme
meeting"), a majority in number representing 91,84% of the votes exercisable
by Pennystocks shareholders, present and voting at the scheme meeting in
person or by proxy, approved the scheme of arrangement (dated 20 June 2001)
in terms of section 311 of the Companies Act, 1973 (Act 61 of 1973), as
amended, proposed by African Harvest, between Pennystocks and its
shareholders, other than African Harvest and its subsidiaries ("the
scheme");
- at the scheme meeting, the scheme was amended by the substitution of the
phrase "165 cents" in line 2 of the definition of "scheme consideration" on
page 2 of the scheme (to be found on page 41 of the scheme circular sent to
Pennystocks shareholders) by the phrase "170 cents";
- scheme participants will therefore be entitled to such increased scheme
consideration upon the scheme becoming unconditional and it is expected that
an announcement to this effect will be made in the first week of August
2001.
Cape Town
18 July 2001
Corporate advisers to African Harvest Corporate Advisers to Pennystocks
African Harvest Capital (Pty) Limited Axon Corporate Services (Pty) Limited
(Registration number 1998/001469/07) (Registration number 1998/012882/07)
Independent Adviser
Ernst & Young Chartered Accountants (SA)
Attorneys to the Scheme Sponsor to African Harvest
Sonnenberg Hoffmann & Galombik Inc. Deutsche Securities (SA) (Pty) Limited
(Registration number 1993/000565/21) (Registration number 1995/011798/0721)
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