Consolidated African Mines Limited JCI Gold Limited
(Registration Number (Registration Number 1998/005215/06)
1894/000854/06) Share code: JCG ISIN: ZAE 000015467
Share code: CAM ISIN: ZAE ("JCI Gold")
000013199
("CAM")
UPDATE
Shareholders are referred to the joint announcement of CAM and JCI Gold on
19 March 2002 and are advised that the proposed restructuring mechanism to
collapse the CAM / JCI Gold pyramid structure will entail an offer by CAM to
acquire all the shares in JCI Gold not already held by CAM or the CAM group
companies. The offer shall be proposed by CAM as a scheme of arrangement in
terms of section 311 of the Companies Act, 1973 between JCI Gold and its
minority shareholders. CAM shall finance the offer by a rights issue, to be
underwritten through loans.
At the same time, CAM will propose to shareholders its acquisition of a 40%
equity interest in the Letseng diamond project in Lesotho .
A detailed announcement of the restructuring and the acquisition is in the
process of being cleared with the Securities Regulation Panel and the JSE
Securities Exchange South Africa. Further announcement in this regard will
be made shortly and, in the meantime, CAM and JCI Gold shareholders are
advised to continue to exercise caution in dealing in their CAM and JCI Gold
shares.
Johannesburg
16 April 2002
Corporate advisor and lead Joint sponsor
sponsor Sasfin Bank Limited
Corpcapital Corporate Finance
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