| Mon 3 Dec 2001, 0:00 | | Wescape - Results Of The General Meeting Of Wescap |
|
Offer to WesCape's minority shareholders
Western Cape Property Company Limited
(Incorporated in the Republic of South Africa)
Company registration number 1987/000770/06
(Share code - WSC) (ISIN code : ZAE000014411)
("WesCape" or "the Company")
Results of the general meeting of Wescape shareholders
Offer to Wescape's minority shareholders
1. Introduction
Further to the announcement released on SENS at 16:05 on Thursday, 18
October 2001 and published in the press on Friday, 19 October 2001, Trinity
Corporate Finance is authorised to announce that the WesCape shareholders,
at the general meeting of the Company held on Monday, 3 December 2001,
approved the ordinary resolutions to apply for the voluntary termination of
the listing of the WesCape shares on and the Company's listing from the JSE
Securities Exchange South Africa ("JSE") ("the delisting").
2. The delisting
The WesCape shares will be suspended from trading on the JSE with effect
from the commencement of trading on Monday, 10 December 2001.
The JSE has approved the delisting with effect from the commencement of
trading on Friday, 21 December 2001.
3. The offer
Catalyst Holdings (Proprietary) Limited ("Catalyst"), one of the controlling
shareholders of WesCape, extended an offer to the WesCape minority
shareholders (excluding Cape of Good Hope Bank Limited) to acquire all their
shares in the Company at 90 cents per share ("the offer"). The offer opened
at 09:00 on Thursday, 15 November 2001 and closes at 16:00 on Friday, 14
December 2001.
Those WesCape shareholders (who have not as yet dematerialised their WesCape
shares) who wish to accept the offer and who have not yet lodged their form
of acceptance, surrender and transfer should do so prior to 16:00 on Friday,
14 December 2001. Those WesCape shareholders (who have dematerialised their
WesCape shares) who wish to accept the offer and who have not yet instructed
their Central Securities Depository Participant, should do so prior to 16:00
on Wednesday, 12 December 2001. No dematerialisation of WesCape shares will
take place from Friday, 7 December 2001.
Those WesCape shareholders who do not accept the offer will, accordingly,
hold shares in an unlisted public company.
Compulsory offer
If the offer is accepted by not less than 90% of the WesCape shareholders
entitled to accept the offer, Catalyst intends invoking the provisions of
Section 440K of the Companies Act, 1973 (Act 61 of 1973), as amended, which
will result in those remaining WesCape shareholders being obliged to sell
and Catalyst to acquire, their WesCape shares upon the same terms and
conditions as pertain to the offer.
Cape Town
4 December 2001
Corporate adviser
Trinity Corporate Finance
(Registration number: 2000/004552/07)
Sponsor
ENF Sponsors (Proprietary) Limited
(Registration number: 2000/027636/07)
Attorneys
Cliffe Dekker Fuller Moore Inc
(Registration number: 1998/018173/21)
Independent financial adviser
Sasfin Bank Limited
(Registration number: 1951/002280/06)
