Disposal Of The Shares In And Claims On Loan Accou
Credit
Furnex Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/008543/06)
Share code FRC ISIN ZAE000022778
("Furnex" or "the company")
Further announcement in respect of the disposal of the shares in and claims
on loan account against Furnex Consumer Credit (Proprietary) Limited
("Furnex CC") to Credcor Limited, a subsidiary of BOE Bank Limited and
further cautionary announcement
1. Introduction
Shareholders are referred to the announcement dated 5 October 2001, ("the
October announcement") wherein it was announced that agreement had been
reached in terms of which, subject to the fulfilment of certain conditions
precedent, Furnex will dispose of its shares in and claims on loan account
against Furnex CC, with effect from 1 April 2001 ("the effective date"), for
a consideration of R38 million to be settled in cash ("the disposal").
2. Documentation
The annual financial results of Furnex for the year ended 30 September 2001
are expected to be finalised in early December 2001. Once these are
finalised a circular containing full details of the disposal and a notice
convening a general meeting of shareholders of Furnex, subject to the
approvals of the JSE Securities Exchange South Africa and Securities
Regulation Panel will be posted to Furnex shareholders.
3. Further cautionary announcement
Furnex shareholders are advised the negotiations referred to in the October
announcement are still in progress.
Accordingly, Furnex shareholders are advised to continue exercising caution
when dealing in the company's shares until a detailed announcement is made.
Johannesburg
15 November 2001
Corporate adviser
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Sponsor
Investec Securities Limited
Member of the JSE
Registration No. 1972/008905/06
Attorneys
FRRW
Fluxman Rabinowitz - Raphaely Weiner Inc. Attorneys
www.frrw.co.za
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
