Mettle Limited - Proposed Delisting And Share Repu
METTLE LIMITED
(Incorporated in the Republic of South Africa)
(formerly Greenwich Group Limited)
(Registration number 1996/010795/06)
JSE Share Code : MEL)
ISIN Code : ZAE000028569
("Mettle" )
WITHDRAWAL: PROPOSED DELISTING AND SHARE REPURCHASE
Shareholders are referred to the announcement dated 4 January 2002 ("the
announcement") regarding Mettle's proposed delisting ("the delisting") and
the proposed specific repurchase by Mettle, of Mettle shares from those
Mettle shareholders who did not wish to remain shareholders in an unlisted
company ("the repurchase").
When the delisting and the repurchase were first proposed in October 2001,
the directors of Mettle ("the Mettle Board" ) and Mettle's majority
shareholders ("the majority shareholders"), respectively believed :
* that Mettle's share price did not accurately reflect the inherent value of
Mettle;
* that market sentiment towards small capitalization companies such as
Mettle, was unlikely to improve in the short to medium term; and
* that the benefits of Mettle remaining listed in the prevailing economic
environment, were no longer present.
Pursuant to intensive discussions between the Mettle Board, the majority
shareholders and certain of Mettle's institutional shareholders, such
institutional shareholders have succeeded in convincing the Mettle Board and
the majority shareholders that as a result of Mettle's unique market niche
and business methodology, good prospects exist for an improvement in
Mettle's share price.
Consequently the Mettle Board has resolved to discontinue the delisting and
the repurchase and accordingly Mettle shareholders are advised that caution
is no longer required to be exercised when dealing in Mettle shares.
Illovo
18 February 2002
Corporate adviser and Joint sponsor
Mettle Limited
(Registration number 1996/010795/06)
Attorneys
Prinsloo, Tindle & Andropoulos Inc
Lead Sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Ltd
(Registration number 1970/003711/07)
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