Results Of The Gilboa Offer To Minorities Of Askar
GILBOA PROPERTIES LIMITED
(Registration number 1986/004649/06)
("Gilboa")
Share Code: GLB ISIN No. ZAE000010286
Results of the Gilboa offer to minorities of Askari Mining and Equipment
Limited ("Askari")
At a meeting of Askari shareholders held on 31 August 2001, the issue of 57
383 118 Askari shares to Gilboa was approved. This transaction resulted in
Gilboa's holding 70,7 percent in Askari. In terms of the Securities
Regulation Code and Rules, Gilboa made an offer to minority shareholders of
Askari to acquire their shares on the same terms that it subscribed for the
57 383 118 Askari shares.
At 14:00 on Friday, 7 September 2001 when the offer closed Askari
shareholders, excluding the trust shareholders, holding 16 825 033 Askari
shares, constituting 30,52% of the entire issued share capital in Askari
prior to the subscription agreement, had elected to accept the share offer
made by Gilboa.
Gilboa now hold 96 408 151 Askari shares, representing 85,68 % of the entire
new issued share capital in Askari. As less than 90% of Askari shareholders
have accepted the offer, Gilboa will not invoke section 440k of the Act.
The above completes the transactions relating to the cautionary
announcements published by the company dated 26 March 2001, and 11 July
2001.
Johannesburg
26 September 2001
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