MR PRICE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
Share code:MPC ISIN code: ZAE000026951
("Mr Price" or "the company")
Redemption of preference shares
1. Background and reasons for the redemption
The company currently has 150 000 5,5% cumulative preference shares of R2,00
each ("preference shares") in issue. The preference shares seldom trade and
the directors of Mr Price Group, after due consideration, have concluded
that the issued preference share capital is no longer of any real
significance in the context of the overall capital structure of the company.
The directors have therefore resolved to redeem all the issued preference
shares.
On 20 July 2001, the amendment of the company's articles of association,
authorising the company to redeem all or a proportion of the preference
shares, was approved.
2. Financial effects
The preference shares will be redeemed at their par value, being R2,00 per
preference share. The redemption will therefore amount in total to R300 000.
The directors have resolved to redeem the preference shares out of the
profits of the company.
The redemption will not have any material effect on the company's earnings
per share or net asset value per share.
3. Timetable for the redemption
Preference shareholders should surrender their preference share certificates
together with a form of surrender as set out in the timetable below:
2001
Suspension of the listing on the JSE
Securities Exchange South Africa ("JSE") of the
preference shares from the close of business on Wednesday 26 September
Last day to register as a preference shareholder
by close of business on Friday 28 September
Termination of the listing on the JSE of the
preference shares from the close of business on Friday 28 September
Posting of cheques and electronic funds transfers to
preference shareholders who have submitted their
duly completed forms of surrender, from Monday 1 October
4. Circular posted to shareholders
A circular to the preference shareholders of the company setting out full
details of the redemption and including a form of surrender was posted on 13
September 2001.
Durban
14 September 2001
Sponsor
Rand Merchant Bank
Corporate Finance
A Division of FirstRand Bank Limited
Attorneys
bvpg
Bernadt-Vukic-Potash & Getz Attorneys
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