Glodina - Offer To Minority Shareholders And Furth
("Glodina" or "the Company")
Offer to minority shareholders and further cautionary announcement
Shareholders were advised in an announcement dated 7 November 2001 that Daun
& Cie. AG and P Schouten ("the acquirors") had acquired 49,3% of the issued
shares of the Company for 7 cents per share. In accordance with the rules of
the Securities Regulation Panel ("SRP"), Rand Merchant Bank is authorised to
announce that the acquirors will be extending an offer to the minority
shareholders in Glodina at 7 cents per share ("the offer"). The SRP has
received confirmation that the acquirors have sufficient resources available
to satisfy full acceptance of the offer.
Further details relating to the offer, including the salient dates, will be
published on SENS and in the press at the time of posting of the offer
document, which is expected to be on or about 21 December 2001.
Shareholders are further advised that the Company is currently involved in
negotiations with Zorbatex (Proprietary) Limited regarding a possible merger
of their operations with those of Glodina. The proposed merger, together
with a future recapitalisation of Glodina, are seen as vital to ensuring the
ongoing viability of Glodina.
Accordingly, shareholders should continue to exercise caution when dealing
in the shares of Glodina until a further announcement is made.
Hammarsdale
15 November 2001
Merchant bank and transactional sponsor
RAND MERCHANT BANK
CORPORATE FINANCE
A Division of FirstRand Bank Limited
Sponsor
Deloitte & Touche
Sponsor Services (Pty) Ltd
(Registration number 1996/000034/07)
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