New Africa Investment Limited - Results Of The Gen
Share code : NAI
ISIN : ZAE000012134
Share code : NAN
ISIN : ZAE000011946.
At the general meetings held on 6 September 2001, ordinary and special
resolutions were duly passed by the requisite majority of shareholders and
where applicable, have been lodged with the Registrar of Companies for
registration, giving effect to inter alia:
the reduction of the share premium account by R2 717 552 658, from R3 554
111 635 to R836 558 977, by the unbundling by way of a distribution in
specie, of 319 554 246 New Africa Capital Limited ("New Africa Capital")
shares subject to the fulfilment of the unbundling conditions precedent
("the unbundling");
the cancellation of 16 of the authorised but unissued ordinary shares in the
share capital of the company; and
the consolidation of NAIL's ordinary and "N" ordinary shares on the basis of
1 consolidated share for every 20 existing NAIL ordinary and/or "N" ordinary
shares subject to the fulfilment of the unbundling conditions precedent.
The remaining unbundling conditions precedent which have not as yet been
fulfilled are that:
the scheme of arrangement in terms of S311 of the Companies Act proposed by
New Africa Capital between Metropolitan Life Limited and its shareholders
becomes operative;
NAIL is able, to the satisfaction of its directors, to comply with the
requirements of section 90 of the Companies Act, 1973 (Act 61 of 1973), as
amended in respect of the unbundling transaction; and
- the necessary tax exemptions are obtained, to the satisfaction of the
directors of NAIL, from the South African Revenue Services as contemplated
in terms of the unbundling legislation.
A further announcement confirming whether these conditions have been met
will be made in due course.
NAIL shareholders are advised that, subject to the fulfilment of the
remaining unbundling conditions, each NAIL shareholder will receive a New
Africa Capital share certificate in respect of the unbundling and will be
required to dematerialise such share certificate in order to trade his New
Africa Capital shares. The dematerialisation process can take between 24
hours and 10 days, depending on the volumes being processed by STRATE (Share
Transactions Totally Electronic) at the time of the dematerialisation.
Computershare Services Limited ("Computershare"), the registrars of New
Africa Capital, will assist those shareholders, who request it to do so, to
expedite the dematerialisation of their New Africa Capital share
certificates to be received in respect of the unbundling. NAIL shareholders
who want to discuss and implement this process, should contact Computershare
before 16h00 on 28 September 2001 at the following numbers:
Local calls 0861 100 936
International calls 2711 722 2278
Johannesburg
7 September 2001
Financial adviser to NAIL
Deutsche Securities (SA) (Pty) Ltd
Joint sponsors to NAIL
Deutsche Securities (SA) (Pty) Ltd
Wipcapital (Pty) Limited
Corporate law advisers and consultants to NAIL
Edward Nathan & Friedland
Legal adviser to NAIL
Chuene Kwinana Motsatse
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.
