PROFURN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/001563/06)
Share code: PON
ISIN: ZAE000016481
("Profurn")
PROPOSED RIGHTS OFFER
Shareholders are advised that the board of directors of Profurn has resolved
to raise approximately R600 million by way of a rights offer of ordinary
shares ("the rights offer").
FNB Corporate, a division of FirstRand Bank Limited, has agreed to act as
lead underwriter to the rights offer subject to the satisfactory outcome of
a due diligence process and the necessary regulatory approvals.
Profurn's board has been considering alternatives for longer term funding of
the business and believes that an underwritten rights offer is the optimal
way to redeem short term borrowings.
The rights offer is conditional, inter alia, upon the following regulatory
approvals:
Profurn shareholders in general meeting agreeing to pass the resolutions
necessary to increase Profurn's authorised share capital and to waive the
requirement for a mandatory offer should the rights offer result in a change
of control of Profurn;
the JSE Securities Exchange South Africa granting a listing for the new
ordinary shares and letters of allocation to be issued pursuant to the
rights offer and the registration by the Registrar of Companies of the
documentation pertaining thereto.
Further details of the rights offer will be published at the time of
announcing Profurn's audited results for the year ended 31 December 2001,
which is anticipated to be early March 2002.
Johannesburg
11 February 2002
Corporate adviser to Sponsor Attorneys
Profurn
PSG INVESTMENT BANK GRANT THORNTON - KESSEL FEINSTEIN FLUXMAN
CORPORATE SPONSORS (PTY) LTD RABINOWITZ -
Underwriter (Registration number RAPHAELY WEINER
FNB CORPORATE (a 2000/003541/07)
division of FirstRand
Bank Limited) Auditors
GRANT THORNTON - KESSEL FEINSTEIN
Adviser to the CHARTERED ACCOUNTANTS (SA)
underwriter Accountants, Auditors & Business
RMB CORPORATE FINANCE Advisers
A division of FirstRand
Bank Ltd
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