Metropolitan - Salient Dates And Times Announcemen
ARRANGEMENT PROPOSED BY NAC
METROPOLITAN LIFE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/032491/06)
("Metropolitan")
SALIENT DATES AND TIMES ANNOUNCEMENT IN RESPECT OF THE SCHEME OF ARRANGEMENT
PROPOSED BY NEW AFRICA CAPITAL LIMITED ("NAC") BETWEEN METROPOLITAN AND ITS
SHAREHOLDERS ("THE SCHEME")
On 6 August 2001 Metropolitan and NAIL published a joint announcement
regarding the NAIL and Metropolitan convergence and Metropolitan
restructuring. The proposed transaction entails the creation of a new listed
holding company for the Metropolitan Group to be named NAC by way of the
scheme and the subsequent unbundling by NAIL of the majority of its
interests in NAC ("the unbundling") to achieve the separation of NAIL's
financial services interests from its non-financial services interests.
Dates and documentation
It is anticipated that implementation of the scheme and the unbundling will
be completed, subject to fulfilment of the scheme and unbundling conditions
(as set out in the abovementioned announcement), before the end of September
2001.
Important dates and times regarding the scheme include:
2001
Last day to register in order to vote at
the scheme meeting by 16:00 on Tuesday, 4 September
Last day to lodge form of proxy for
the scheme meeting by 12:00 on Wednesday, 5 September
Scheme meeting to be held at 12:00 on Thursday, 6 September
Court hearing to sanction the scheme on Tuesday, 18 September
Record date to determine participation
in the scheme at 16:00 on Thursday, 20 September
Termination of the listings of Metropolitan
Shares on the JSE Securities Exchange
South Africa ("JSE")
and the Namibian Stock Exchange
("NSX") at 16:00 on Thursday, 20 September
Listings of NAC shares on the JSE and
the NSX at 09:00 on Friday, 21 September
Operative date of the scheme on Friday, 21 September
Expected date from which the scheme
Consideration will be made available Friday, 21 September
The abovementioned dates and times are subject to change and any such
changes will be announced in the press.
Documentation relating to the scheme and the pre-listing statement of NAC
has been posted to Metropolitan shareholders today Tuesday, 14 August 2001.
A further announcement with regard to the result of the scheme meeting will
be made in due course.
Bellville
14 August 2001
Financial adviser and sponsor to Metropolitan
NM Rothschild & Sons
Attorneys to Metropolitan
Deneys Reitz Attorneys Inc.
Reg. No. 1984/003385/21
Sponsor to Metropolitan in Namibia
Lexus Securities (Pty) Ltd
Colin van Zyl & Hendrik Lombard
Member of the Namibian Stock Exchange
Trading as Lexus Securities
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.
