Pretoria Portland Cement Company Limited
Share code: PPC
ISIN : ZAE000005559
(Incorporated in the Republic of South Africa)
(Registration number 1892/000667/06)
("PPC")
Share code: POR
ISIN : ZW008521289
Portland Holdings Limited
(Incorporated in the Republic of Zimbabwe)
(Registration number 83/46)
("Porthold")
Result of scheme meeting
Further to the detailed terms announcement published in the press on
Wednesday, 25 July 2001, Standard Corporate and Merchant Bank is authorised
to announce that at the scheme meeting held on Wednesday, 22 August 2001,
the shareholders of Porthold, represented in person or by proxy, unanimously
approved the scheme of arrangement proposed by PPC in terms of section 191
of the Zimbabwe Companies Act, Chapter 24:03, as amended, between Porthold
and its shareholders ("the scheme").
PPC has submitted a voluntary application to the Industry and Trade
Competition Commission of Zimbabwe ("the Commission") in respect of the
proposed merger of PPC and Porthold. It is anticipated that the Commission
will make a ruling in this regard in the near future. On receipt of this
ruling, application will be made to the High Court of Zimbabwe in Harare for
the sanctioning of the scheme.
Upon fulfilment of these remaining conditions precedent to the scheme,
shareholders will be advised as to the action to be taken in order to claim
the scheme consideration and as to the timetable for the delisting of
Porthold shares, the listing of new PPC shares and the distribution of the
scheme consideration.
Johannesburg and Bulawayo
27 August 2001
Merchant Bank to PPC
SCMB
Sponsor to PPC in South Africa
Cazenove
Attorneys to PPC in South Africa
Bowman Gilfillan Inc.
Sponsoring broker to PPC in Zimbabwe
Sagit
Attorneys to PPC in Zimbabwe
Atherstone & Cook
Independent financial advisers to Porthold
PricewaterhouseCoopers
Attorneys to Porthold
Coghlan, Welsh & Guest
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