Glodina Holdings Limited - Termination Of Merger A
Glodina Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/004150/06)
Share code: GDA ISIN: ZAE000002937
("Glodina" or "the company")
Termination of merger and shareholder update
The merger
The board of Glodina has taken a decision to rescind the pending merger with
Hellierwood Investment Holdings (Pty) Limited, the holding company of
Zorbatex (Pty) Limited ("Zorbatex"), on the grounds of material
misrepresentations which were made to Glodina in connection with the
financial affairs of Zorbatex. Such material differences became apparent
after the merger agreement was concluded but before the implementation date.
The offer
The rescinding of the pending merger will have no effect on the offer by
Daun & Cie AG. and Paul Schouten to the minority shareholders of Glodina to
purchase their shares for 7 cents per share ("the offer"). The offer opened
on Tuesday 29 January 2002 and will close two weeks after the Competition
Commission has approved the offer, which approval is expected on Wednesday
24 April 2002. An announcement in this regard will be published as soon as
the Competition Commission has notified the company of its ruling on the
offer. If Competition Commission approval is obtained before or after
Wednesday 24 April 2002, the closing date will be adjusted accordingly.
Recapitalisation
The controlling shareholders have indicated that it remains their intention
to recapitalise Glodina, which could entail, inter alia, a rights issue in
Glodina at a later stage.
Management appointments
Mr PCT Schouten has assumed the executive leadership of the company and,
following the resignation of Mr PJC Horne, Mr CE Daun has been appointed
Chairman.
Results
Group results for the year ended 31 December 2001 will be published on or
about 15 March 2002.
Hammarsdale
1 March 2002
RAND MERCHANT BANK
A division of FirstRand Bank Limited
CORPORATE FINANCE
Merchant Bank and transactional sponsor
Independent adviser
Deloitte & Touche
Corporate Finance
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
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