| Thu 18 Oct 2001, 0:00 | | Chet/chester - Salient Dates For A Proposed Scheme |
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CHET INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1997/013498/06)
(Share code: CET ISIN code: ZAE 0000 28312)
("Chet")
CHESTER INVESTMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1983/005300/06)
(Share code: CES ISIN code: ZAE 0000 13348)
("Chester")
Salient dates for a proposed scheme of arrangement
1. INTRODUCTION
It was announced in the press on 21 September 2001 that Chester intended to
propose a scheme of arrangement in terms of section 311 of the Companies
Act, 1973 (Act 61 of 1973), as amended, between Chet and Chet shareholders
(other than Chester, its subsidiaries, certain executive shareholders of
Chet and their family interests and family trusts ("the executive
shareholders") and those employees who have been granted options to
subscribe for shares in Chet) ("scheme members") which, if implemented,
would result in Chet being wholly-owned by Chester and the executive
shareholders and the company's listing being terminated on the JSE
Securities Exchange South Africa ("the JSE").
2. SALIENT DATES
The salient dates of the scheme are set out below:
2001
Last day to trade on the JSE in order to be
able to vote at the scheme meeting Friday, 2 November
Last day to lodge form of proxy for the
scheme meeting by 11:00 on Friday, 9 November
Last day to be registered in order to vote
at the scheme meeting by 16:00 (record date
for voting) on Friday, 9 November
Scheme meeting to be held at 11:00 on Monday, 12 November
Court hearing to sanction the scheme on Tuesday, 27 November
Announcement on SENS notifying scheme
members of, inter alia, results of scheme
meeting and reminder of record date
on or about Tuesday, 27 November
Press announcement notifying scheme
members of, inter alia, results of the
scheme meeting and reminder of record date
published on or about Friday, 30 November
Last day to trade in order to participate
in the scheme Friday, 7 December
Expected suspension of listing of Chet
shares on the JSE with effect from the
commencement of business on Monday, 10 December
Expected record date to determine
participation in the scheme by the close
of business on Friday, 14 December
Expected termination of listing of Chet
shares on the JSE with effect from the
commencement of business on Tuesday, 18 December
Expected operative date of the scheme on
or about Tuesday, 18 December
Scheme consideration cheques posted to
scheme participants or deposited directly
into scheme participant's bank account
(if documents of title are received on or
prior to the record date or, failing that,
will be posted within 5 business days of
receipt thereof by the transfer secretaries),
on or about(3) Tuesday, 18 December
Notes:
If a form of proxy is not received by the time and date shown above, it may
be handed to the chairperson of the scheme meeting no later than 10 (ten)
minutes before the commencement of the scheme meeting.
These dates and times are subject to change. Any such change will be
published in the press.
The scheme consideration payable to scheme participants will be payable in
accordance with the provisions of paragraph 4 of the explanatory statement
contained in the circular to Chet shareholders dated 19 October 2001.
CIRCULAR TO SHAREHOLDERS
A circular to Chet shareholders, containing detailed information regarding
the scheme and incorporating a notice of the scheme meeting, will be posted
to Chet shareholders today.
Johannesburg
19 October 2001
Investment bank and sponsor
PSG Investment Bank
Attorneys
Fluxman Rabinowitz - Raphaely Weiner
Independent adviser to scheme members
Charles Orbach & Company
Auditors to Chester
Fisher Hoffman PKF (JHB) Inc.
Chartered Accountants (SA)
Registered Accountants and Auditors
