Mccarthy Retail Limited - Wins Approval For Rights
McCarthy Retail Limited
ISIN CODE: ZAE000004354
SHARE CODE: MCT
Wins approval for rights offer
Johannesburg, Friday 31 August 2001 - The Chairman and Board of Directors of
McCarthy Retail Limited announced today that approval was obtained from the
McRetail shareholders and debenture holders, at their respective general
meetings, for McCarthy Retail to raise R870 million by way of a rights offer
of ordinary shares and fixed rate compulsorily convertible cumulative
redeemable preference shares. The rights offer has been underwritten by a
consortium of McRetail's debt funders.
All resolutions pertaining to the restructuring were passed unanimously by
the shareholders and debenture holders. Shareholders representing 67% of the
total shares in issue voted in favour.
Chairman, Noel Phillips says: "We are delighted that our shareholders and
debenture holders have shown confidence in the restructuring of the Group.
The rights offer will place McCarthy on a sound financial footing and enable
it to return to its roots, namely motor retailing."
The McCarthy Board is pleased to announce the appointment of three non-
executive directors with immediate effect:
* Graham Damp - Executive Director, McCarthy Motor Holdings and Managing
Director, McCarthy Daimler Chrysler and McCarthy Delta;
* Dr Theunie Lategan - Chief Executive Officer, FNB Corporate;
* Herman Bosman - Head of Corporate Finance at Rand Merchant Bank.
Phillips is confident that these appointments will strengthen the McCarthy
Board and that "The combined experience, credentials and abilities contained
in these appointments will add significant value to the Group."
Ends
Issued by Communications Services on behalf of McCarthy Retail. For further
information please contact:
Brand Pretorius or Eugene Roden Barbara Bester
Ph: (031) 268 9200 Communications Services
Fax (031) 207 5810 Ph: (011) 463 1011
Cell: 082 448 5625 Fax: (011) 463 1323
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