| Thu 4 Apr 2002, 0:00 | | The Afrikander Lease Limited - Directors Dealings |
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THE AFRIKANDER LEASE LTD ("Aflease")
Registration No.1921/006955/06
Share Codes : AFL (JSE) AFKDY (Nasdaq)
Directors Dealings
Aflease has, over the past few years, established itself as a viable medium
sized gold producer, Furthermore, the Aflease board has taken note of the
proposed changes envisaged in the new Minerals Bill (to be promulgated later
this year), and has positioned itself with an empowerment shareholder,
namely Lwami Investments (Pty) Limited ("Lwami"). Consequently, Aflease is
well positioned to take advantage of any new opportunities which may occur,
with a view to growing its earnings.
Gensec Bank Limited has been authorised to announce that the majority
shareholder in Aflease, Benoryn Investments (Pty) Limited ("Benoryn"), has
sold 40 million ordinary shares in Aflease to Lwami, a company owned and
controlled by black business people. The effective date of the transaction
is 3 April 2002.
Mr Peter Skeat, Managing Director of Aflease, is the majority shareholder in
Benoryn, which company still has a large shareholding in Aflease. Mr Skeat
has agreed to continue in his current position for at least another two
years.
The transaction is payable by Lwami to Benoryn in three tranches, as
follows:
An initial payment of R60 million has already been made and an additional
R20 million is payable on the 14th September 2002.
Benoryn also has a European style option to put a further 16 million Aflease
shares to Lwami, at a price of R5.50 per Aflease share, 18 months from the
date of signature, subject to a formula which will prevent Lwami acquiring
more than 34,99% of the issued share capital in Aflease.
The average price of the aggregate transaction, assuming that the issued
share capital remains constant for the next 18 months, is R3.00 per Aflease
share.
New board members, reflecting and representing the ownership of the shares
referred to above, will be invited to join the board.
Cautionary Announcement
Gensec Bank is authorised to announce that negotiations are in progress
which, if successful, could affect the price of Aflease shares. Accordingly,
shareholders are advised to exercise caution when dealing in Aflease shares
until a further announcement is made.
Johannesburg 3 April 2002
Gensec Bank Limited
Sponsor to Aflease
