Iscor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
("Iscor")
Share Code : ISC
ISIN Code : ZAE000022729
Further Cautionary Announcement
Reference is made to the Iscor cautionary announcement published on 9 July
2001.
This announcement confirmed that Iscor and the Industrial Development
Corporation of South Africa Limited ("IDC") were in discussions regarding,
inter alia, the complete recapitalisation of Saldanha Steel (Proprietary)
Limited and its integration into Iscor, and the long-term supply of iron ore
to Iscor post the unbundling by Iscor of Kumba Resources Limited.
Significant progress has been made on these issues and the structure for an
agreement between Iscor and IDC has now been reached, the detailed terms of
which are currently being negotiated. The objective is to reach full
agreement during September 2001.
Any agreement between Iscor and IDC could be classified as a related party
transaction in terms of the rules of the JSE Securities Exchange. Insofar as
it is, the agreement will require an independent fair and reasonable opinion
and will be subject to the approval of Iscor shareholders.
A further announcement providing full details of a final agreement and a
definitive unbundling timetable will be made as soon as the above terms have
been finalised.
In the meantime, Iscor shareholders are advised to continue to exercise
caution when dealing in their Iscor shares.
Pretoria
23 August 2001
Sponsor
JP Morgan
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