Corpcom - Distribution To Shareholders, De-listing
DISTRIBUTION TO SHAREHOLDERS, DE-LISTING AND WINDING-UP
1. Introduction
Shareholders are referred to prior announcements of 2 July and 17 September
2001 regarding the sale by Corpcom of its business to Clidet No 355
(Proprietary) Limited (the "sale"). Circulars regarding the sale will be
posted to shareholders on 29 September 2001 and the Corpcom general meeting
to consider approval of the sale (the "general meeting") will be held on 22
October 2001.
Once the sale has become unconditional and is implemented, it is proposed
that Corpcom makes a distribution to its shareholders and is then wound-up
and de-listed, as set out below. The conditions to the sale which have not
yet been fulfilled include certain regulatory consents.
2. Distribution to shareholders
Corpcom proposes to distribute to shareholders registered as such on 9
November 2001 (the "record date"), an amount of 125 cents per share. Once
Corpcom has settled all liabilities including liquidation costs and STC, any
remaining cash shall then be distributed as a final liquidation dividend to
Corpcom shareholders registered as such on the record date. The amount of
any such liquidation dividend will be published on finalisation of the
Corpcom winding-up.
3. De-listing of Corpcom
At the general meeting it will be proposed that shareholders approve the
termination of Corpcom's listing on the JSE.
4. The voluntary members' winding-up of Corpcom
At the general meeting it will be proposed that Corpcom be wound up in terms
of section 349 and 350 of the Companies Act (61 of 1973), by way of a
members' voluntary winding-up.
5. Salient dates
Salient dates assuming all conditions to the sale have been fulfilled, are
as follows:
2001
Last day to trade on the JSE for Wednesday, 10 October
participation in the general meeting
Record date for participation in the Wednesday, 17 October
general meeting
Last date to lodge forms of proxy for Thursday, 18 October
the general meeting, by 10.00
General meeting to be held at 10.00 on Monday, 22 October
Announcement of results of general Tuesday, 23 October
meeting and final date
Last date to trade for participation in Friday, 2 November
the distribution of 125c per share
Suspension of listing on the JSE Monday, 5 November
Record date for participation in the Friday, 9 November
distribution of 125c per share
Payments for distribution begin and Monday, 12 November
termination of listing on the JSE
Johannesburg
28 September 2001
Corporate advisor and Legal advisor to Corpcom Lead sponsor to
sponsor to Corpcom Corpcom
Corpcapital Corporate Corpcapital Investec Securities
Finance Corpcapital Transaction Support Limited
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