Wesco Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/005871/06)
(Share code: WES)
(ISIN Number: ZAE000007928)
("Wesco" or "the Company")
CAUTIONARY ANNOUNCEMENT AND ACQUISITION
Shareholders of Wesco are referred to the joint announcement of 11 May 2001
issued by Wesco and Toyota South Africa (Proprietary) Limited ("Toyota SA"),
a Wesco controlled subsidiary, in connection with the scheme of arrangement
which resulted in the delisting of Toyota SA from the JSE Securities
Exchange South Africa ("the JSE"). Such announcement contained conditional
statements which referred to Toyota Motor Corporation of Japan increasing
its shareholding in and assisting with Toyota SA's future financing needs.
Shareholders are now advised that a process has commenced, the successful
outcome of which may have a material effect on the price at which Wesco
shares trade on the JSE.
Accordingly, Wesco shareholders are advised to exercise caution in dealing
in their shares until a further announcement is made in this regard.
Shareholders of Wesco are further advised that the Company has, pursuant to
the restructuring process of Toyota SA, acquired an indirect shareholding of
9,81% in Metair Investments Limited ("Metair") from Toyota SA for a cash
consideration of R43,6 million ("the transaction"). As a result of the
transaction, Wesco's effective shareholding in Metair has increased from
36,04% to 39,55%. The transaction will not have a material effect on the
earnings or net asset value of Wesco. This investment in Metair is held
through Jati Investments (Proprietary) Limited ("Jati"), a Wesco controlled
subsidiary. As a consequence of the transaction, Wesco's shareholding in
Jati has increased from 60,3% to 96,3%.
Johannesburg
21 December 2001
Corporate adviser and sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Limited
(Registration number 1970/003711/06)
Investment bank
Nedcor Investment Bank
Independent legal adviser
Webber Wentzel Bowens
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
