Merger of business with Hellierwood Investment Holdings
(Proprietary) Limited ("Hellierwood") and further cautionary announcement
Shareholders are referred to the announcement dated 15 November 2001 when
they were advised that Daun & Cie AG. and P Schouten would be extending an
offer to the minority shareholders at 7 cents per share ("the offer") and
that Glodina was in negotiations with Zorbatex (Proprietary) Limited
("Zorbatex"), regarding a possible merger of their operations.
Rand Merchant Bank is authorised to announce that subsequent to the
abovementioned announcement, Glodina and Hellierwood, the holding company of
Zorbatex, have entered into an agreement in principle, whereby Glodina will
merge its assets and liabilities with those of Hellierwood in exchange for a
shareholding in Hellierwood ("the merger").
Further details relating to the merger, including the salient dates, will be
published on SENS and in the press at the time of posting of the combined
offer and merger circular, which is expected to be on or about 21 December
2001.
Accordingly, shareholders should continue to exercise caution when dealing
in the shares of Glodina until a further announcement is made.
Hammarsdale
28 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)
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
