| Wed 1 Aug 2001, 0:00 | | African Harvest/pennystocks - Implementation Of Sc |
|
AFRICAN HARVEST LIMITED PENNYSTOCKS INVESTMENTS LIMITED
(Incorporated in the Republic of SA) (Incorporated in the Republic of SA)
(Registration number 1997/01382706) (Registration number 1989/002549/06)
("African Harvest") ("Pennystocks")
Implementation of scheme of arrangement
INTRODUCTION
Further to the announcement on 18 July 2001, Pennystocks shareholders are
advised that:
the scheme of arrangement 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"), was sanctioned by the High Court of South
Africa (Cape of Good Hope Provincial Division) on Tuesday, 31 July 2001; and
the order of court necessary for the implementation of the scheme has been
registered by the Registrar of Companies.
Accordingly, all outstanding conditions precedent relating to the scheme
have therefore been fulfilled, and the scheme will become operative on
Monday, 13 August 2001.
TERMINATION OF STOCK EXCHANGE LISTING
The listing of Pennystocks ordinary shares on the JSE Securities Exchange
South Africa will be terminated with effect from the close of business on
Friday, 10 August 2001 ("the record date").
SCHEME CONSIDERATION AND SURRENDER OF PENNYSTOCKS DOCUMENTS OF TITLE
In terms of the scheme, holders of Pennystocks shares, registered as such on
the record date ("scheme participants"), are entitled to receive 170 cents
per Pennystocks share payable in cash in respect of each Pennystocks share
held on the record date ("the scheme consideration").
The scheme consideration will be sent to scheme participants who have
already surrendered their documents of title in respect of Pennystocks
shares on or about Monday, 13 August 2001, and to those who have not, within
five business days of the date of receipt of their surrendered documents of
title. Accordingly, if they have not already done so, scheme participants
should surrender their documents of title as soon as possible to the
transfer secretaries, Mercantile Registrars Limited, 7th Floor, 11 Diagonal
Street, Johannesburg, 2001 (PO Box 1053, Johannesburg, 2000) in order to
receive the scheme consideration.
The scheme consideration will not be sent to scheme participants unless and
until documents of title in respect of the relevant Pennystocks shares have
been surrendered to the transfer secretaries as set out above.
A form of surrender for documents of title was attached to the scheme
document issued on Wednesday, 20 June 2001. An additional form of surrender
will be posted to all scheme participants on or about Monday, 13 August
2001.
Cape Town
01 August 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)
Sponsor to African Harvest Independent Adviser
Deutsche Securities (SA) (Pty) Limited Ernst & Young Chartered Accountants
(Registration number 1995/011798/0721) (SA)
Attorneys to the Scheme
Sonnenberg Hoffmann & Galombik Inc
(Registration number 1993/000565/21)
