METTLE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/010795/06)
("Mettle" or "the Company")
(Share Code MEL)
(ISIN Code:ZAE000028569)
RESULTS OF GENERAL MEETING AND CAUTIONARY ANNOUNCEMENT
At the general meeting of shareholders of Mettle held on Friday, 14 December
2001, the shareholders resolved:
* that the listing of the Company's shares on the "Financial - Financial
Services" sector of the JSE Securities Exchange South Africa ("JSE") lists,
be suspended with effect from the commencement of trade on 28 December 2001
and be terminated with the effect from the commencement of trade on 8
January 2002. This resolution was passed by 79,39% of the total votes at the
meeting, which votes were cast by way of poll;
* not to approve the special resolution authorising the Company to
repurchase its shares from those shareholders who do not wish to retain
their shareholding in the Company following its delisting. Of the
shareholders present at the meeting and able to vote on the special
resolution, 71,27% of the votes cast by way of poll, voted in favour of the
special resolution. As 75% of the votes cast by poll by the shareholders
present and able to vote on the special resolution were required to approve
the special resolution, the special resolution was not passed. Merilyn
Investments (Pty) Limited, a subsidiary of Hosken Consolidated Investments
Limited ("HCI") was not permitted to vote on the special resolution in terms
of a ruling by the Securities Regulation Panel; and
* that any two directors of the Company take all such actions as they
consider necessary or requisite to give effect to the ordinary resolution
passed at the meeting. This resolution was passed by 82,5% of shareholders
at the meeting.
It should be noted that holders of approximately 92% of the issued share
capital of Mettle were represented at the general meeting.
In light of the effect of the above, Mettle is in discussion with the JSE
on the way forward and therefore shareholders are advised to exercise
caution until a further announcement has been made
Illovo
18 December 2001
Corporate Adviser and Joint Sponsor
Mettle Limited
Corporate Finance Division
(Registration number 1996/010795/06)
Joint Sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Ltd
(Registration number 1970/003711/07)
Attorneys
Prinsloo Tindle & Andropolous Inc
Reporting Accountants
PricewaterhouseCoopers Inc.
Chartered Accountants (SA)
Registered Accountants & Auditors
(Registration no. 1998/012055/21)
Adviser to the shareholders of Mettle
Deloitte & Touche
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