Sotta Securitisation International Limited
Incorporated in the Republic of South Africa
(Registration number 1998/021729/06)
JSE Code: SOT ISIN: ZAE000016929
("Sotta" or "the company")
Proposed Delisting
Introduction
Further to the announcement of the interim results for the six months to 31
May 2001 published in the press on 2 October 2001, in which shareholders
were advised that the directors of the company were evaluating various
options for the company, including the merits of remaining listed, the
directors now advise that they are to seek the termination of the company's
listing on the JSE Securities Exchange South Africa ("JSE").
Mechanism and price
Sotta minority shareholders are to be asked to approve in general meeting
the conversion of their 11 122 017 ordinary shares into redeemable
preference shares and to approve the specific issue for cash to a consortium
led by Mr T Demetriades of 11 122 017 ordinary shares at 3 cents per share.
In terms of section 98 of the Companies Act, 1973 (Act 61 of 1973), as
amended, the proceeds of the fresh issue of shares will be used to redeem
the redeemable preference shares at 3 cents per redeemable preference share,
thereby constituting the consortium as the sole shareholders in the company.
The net assets of the company at 31 May 2001 were R4 324 000, equivalent to
3,1 cents per share.
Circular
A circular containing full details of the proposals, a fair and reasonable
statement and a notice of general meeting is in the course of preparation.
Subject to the approvals of the JSE and the Securities Regulation Panel, it
is expected the circular will be posted to shareholders in mid-November
2001.
T Demetriades 25 October 2001
Managing Director Sandton
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
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