| Wed 28 Nov 2001, 0:00 | | Chet Industries Limited - Results Of Scheme Meetin |
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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" or "the company")
z Results of scheme meeting;
z Remaining salient dates; and
z Implementation of scheme
1. RESULTS OF THE SCHEME MEETING
PSG Investment Bank Limited is authorised to announce that, at the scheme
meeting of Chet held at 11h00 on Monday, 12 November 2001 ("the scheme
meeting"), the scheme of arrangement proposed by Chester Investment Holdings
Limited ("Chester") between Chet and certain of its shareholders ("scheme
members") ("the scheme") was approved by the requisite majority of scheme
members present and entitled to vote at the scheme meeting.
In terms of the scheme, Chet shareholders registered as such on Friday, 14
December 2001 ("scheme participants"), will receive a cash consideration of
30 cents per Chet share held.
2. COURT SANCTION OF SCHEME
The scheme was sanctioned by the High Court of South Africa (Witwatersrand
Local Division) on Tuesday, 27 November 2001, and the order of Court
sanctioning the scheme has been lodged for registration by the Registrar of
Companies.
3. REMINDER OF REMAINING SALIENT DATES
The remaining salient dates in respect of the implementation of the scheme
are set out below:
December 2001
Last day to trade in order to participate Friday, 7
in the scheme on
Listing of Chet shares on the JSE
Securities Exchange South Africa ("JSE")
suspended with effect from the Monday, 10
commencement of trading on
Record date for participation in the Friday, 14
scheme
Listing of Chet shares on the JSE
terminated with effect from the Tuesday, 18
commencement of trading on
Operative date of the scheme Tuesday, 18
Notes:
These dates and times are subject to change. Any change will be published
in the press.
Settlement of the consideration payable in respect of the scheme will be
posted to or deposited into scheme participants' (ie. scheme members
registered on the record date) bank accounts within 5 business days of the
receipt of the relevant documents of title (in respect of scheme members who
have not dematerialised their Chet shares) or on the operative date of the
scheme, whichever is the later.
4. SURRENDER OF DOCUMENTS OF TITLE AND SETTLEMENT OF SCHEME
CONSIDERATION
Chet shareholders who have not dematerialised their Chet shares
("certificated scheme participants"), are requested to complete the form of
acceptance, surrender and transfer (pink) and return same as soon as
practicably possible to the transfer secretaries, Mercantile Registrars
Limited, 7th Floor, 11 Diagonal Street, Johannesburg 2001 (P O Box 1053,
Johannesburg, 2000) together with their share certificates and/or other
documents of title.
A form of acceptance, surrender and transfer (pink) was included in the
circular posted to Chet shareholders on Friday, 19 October 2001. Additional
such forms will be posted to all Chet shareholders today.
4.3 Settlement
The scheme consideration will, where the documents of title have been
surrendered prior to the record date, be posted to the scheme participant
concerned or the cash consideration will be deposited directly into the
scheme participant's bank account, depending on the scheme participant's
instructions contained in the properly completed form of acceptance,
surrender and transfer (pink), by the transfer secretaries on the operative
date, or be posted within five business days of the subsequent receipt after
the operative date of the form of acceptance, surrender and transfer (pink)
together with the relevant documents of title.
The scheme consideration will be posted or paid to scheme participants who
have dematerialised their Chet shares ("dematerialised scheme participant")
on the operative date in accordance with the custody agreement between the
dematerialised scheme participant and their Central Securities Depository
Participant or broker.
4.4 Stock Exchange Listing
Chet's listing will be terminated on the JSE Securities Exchange South
Africa with effect from the commencement of trading on Tuesday, 18 December
2001.
Johannesburg
30 November 2001
Investment bank and sponsor
PSG Investment Bank
Attorneys to the scheme
Fluxman Rabinowitz-Raphaely Weiner
