Iscor Limited - Timetable For Implementation Of Un
Timetable For Implementation Of Unbundling Of Kumba Resources Limited
Further to the announcement which was published by Iscor on 26 September
2001, regarding, inter alia, the recapitalisation of Saldanha Steel
(Proprietary) Limited and its integration into Iscor, and the distribution
of shares in Kumba Resources Limited ("Kumba") to Iscor shareholders,
(collectively the "Transaction") the Board of Directors of Iscor is pleased
to announce that all the agreements required in respect of the Transaction
have now been signed and that the formal consent of Iscor's lending banks to
the proposed debt allocation between Iscor and Kumba post the unbundling has
been obtained.
A circular, which gives full details of the Transaction, together with a
notice convening a general meeting of Iscor shareholders at which the
resolutions necessary to approve the Transaction will be proposed, revised
listing particulars for Iscor and a pre-listing statement for Kumba, are
currently being approved by the JSE Securities Exchange ("JSE").
TIMETABLE
The indicative dates in the 26 September 2001 announcement have now been
finalised, and the salient dates for the Transaction are as follows:
Posting of circular to Iscor shareholders, 29 October 2001
including revised pre-listing particulars for
Iscor and a pre-listing statement for Kumba on
General meeting of Iscor shareholders to 21 November 2001
approve, inter alia, the unbundling of Kumba
Date upon which Iscor shareholders must be 23 November 2001
registered as such in order to participate in
the unbundling
Share certificates in respect of Kumba shares 26 November 2001
posted to Iscor shareholders
Listing of Kumba shares on the JSE 26 November 2001
Pretoria
Ý23¨ October 2001
Sponsor to Iscor
JP Morgan
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