| Fri 14 Dec 2001, 0:00 | | Western Cape Property Company Limited - Results Of |
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minority shareholders
Western Cape Property Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/000770/06)
Share Code: WSC ISIN: ZAE000014411
("WesCape" or "the Company")
Results of the offer to Wescape's minority shareholders
Compulsory acquisition of the remaining Wescape shares
Further to the announcement published in the press on Tuesday, 4 December
2001, Trinity Corporate Finance is authorised to announce the following:
Acceptances of the offer
WesCape shareholders holding approximately 96% of the number of offer
shares, being those WesCape shares subject to the offer, have accepted the
offer by Catalyst Holdings (Proprietary) Limited ("Catalyst"), to acquire
all the WesCape shareholders' shares in the Company at 90 cents per share
("the offer").
Compulsory offer
As the offer has been accepted by holders of more than 90% of the WesCape
shares which were the subject of the offer, Catalyst hereby notifiies the
remaining WesCape shareholders that it invokes the provisions of Section
440K of the Companies Act, 1973 (Act 61 of 1973), as amended, to
compulsorily acquire the remaining WesCape shares held by those WesCape
shareholders who did not accept the offer ("the remaining WesCape
shareholders"), at the offer price of 90 cents per share ("the compulsory
offer").
Accordingly, Catalyst is entitled and bound to acquire the WesCape shares,
within a six-week period expiring on Tuesday, 29 January 2002, unless a
WesCape shareholder makes application to the High Court of South Africa
("the Court") and the Court orders otherwise.
The offer circular dated 12 November 2001 incorporates the details of the
compulsory acquisition. Accordingly, the remaining WesCape shareholders
reflected in the WesCape share register as not having accepted the offer,
should complete the form of acceptance, surrender and transfer and lodge it,
together with the documents of title to their WesCape shares (in respect of
WesCape shareholders with certificated shares), with or instruct their
Central Share Depositary Participant (in respect of those WesCape
shareholders who have dematerialised their shares) to advise Mercantile
Registrars Limited ("the transfer secretaries") of their acceptance of the
compulsory offer.
Cheques in respect of the compulsory offer consideration will be posted to
those remaining WesCape shareholders, within seven days of receipt by the
transfer secretaries of:
- their duly completed forms of acceptance, surrender and transfer,
together with the documents of title to their WesCape shares, in respect of
those WesCape shareholders who have not yet dematerialised their WesCape
shares; or
- notification of acceptance by the relevant Central Share Depositary
Participant, in respect of those WesCape shareholders who have
dematerialised their WesCape shares.
Termination of the WesCape listing
The listing of the WesCape shares on the JSE Securities Exchange South
Africa will be terminated with effect from the commencement of trading on
Friday, 21 December 2001.
Cape Town
18 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)
