Rag - Results Of General Meeting And Salient Dates
Retail Apparel Group Limited
(Registration number 1946/021937/06)
JSE code: RAG ISIN number: ZAE 000013744
("RAG")
Results of general meeting and salient dates of rights offer
1. Results of the general meeting
The requisite majority of RAG shareholders voted in favour of all special
and ordinary resolutions proposed at the general meeting held on 31 August
2001 required to amend RAG's Articles of Association and implement the
rights offer of ordinary shares in RAG ("RAG securities") to RAG
shareholders to raise R210 million ("the rights offer").
RAG's authorised share capital now consists of 4 700 000 000 RAG securities.
2. The rights offer
The board of directors of RAG has resolved to implement the rights offer
subject to the following conditions precedent:
(i) the JSE Securities Exchange South Africa approving the necessary
documents and granting the required listings for the RAG securities to be
issued in terms of the rights offer and the letters of allocation in respect
of such securities; and
(ii) the Registrar of Companies registering the rights offer documents and
the special resolutions passed at the general meeting.
The proceeds from the rights offer will be utilised to reduce RAG's debt and
strengthen the balance sheet.
3. Salient dates
The salient dates in respect of the rights offer are reflected in the table
below.
Any changes to these dates will be published in the press.
2001
The last day to trade in RAG
securities in order
to participate in the rights offer Friday 14 September
Letters of allocation listed Monday 17 September
Record date for participation
in the rights offer Friday 21 September
Rights offer opens Tuesday 25 September
Rights offer circular posted to shareholders Tuesday 25 September
Last day to trade letters of allocation Friday 5 October
New RAG securities listed Monday 8 October
Rights offer closes Friday 12 October
Record date for letters of allocation Friday 12 October
Results of rights offer announced Monday 15 October
New RAG securities issued Monday 15 October
4. Further announcement
An announcement setting out the terms of the rights offer will be published
on Friday 7 September 2001.
Durban
31 August 2001
Merchant bank and sponsor
RAND MERCHANT BANK
CORPORATION FINANCE
A Division of FirstRand Bank Limited
Attorneys
DENEYS REITZ
ATTORNEYS
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