GENCOR LIMITED
Incorporated in the Republic of South Africa
Registration number 1895/001232/06
Share code: GMFP
ISIN: ZAE000003059
("Gencor" or "the company")
Redemption of the Preference Shares
1. Background
Currently the company has 250 000 6% cumulative redeemable preference shares
of R2,00 each ("preference shares") in issue.
On 17 October 2001, the amendment to the company's articles of association,
authorising the company to redeem the preference shares on 31 December 2005,
or such earlier date as determined by a resolution of the directors, at par
value plus a premium not exceeding 10% of par, was approved.
The directors of Gencor, after due consideration, have concluded that the
issued preference share capital is no longer of any real significance in the
context of the overall capital structure of the company. The directors have
therefore resolved to redeem all the issued preference shares.
2. Financial effects
The preference shares will be redeemed at their par value of R2,00 plus a
premium of 10% per share, in aggregate R2,20 per preference share. The
redemption will therefore amount to R550 000 in total.
The preference shares will be redeemed out of Gencor's cash resources. The
premium will be charged directly against the retained earnings of the
company.
The redemption will not have any material effect on the company's earnings
per share or net asset value per share.
3. Timetable for the redemption 2002
* Last day to trade in order to participate in
the redemption Friday, 7 June
* Suspension of the listing on the
JSE Securities Exchange
South Africa ("JSE") of the preference shares Monday, 10 June
* Record date Friday, 14 June
* Termination of the listing on the
JSE of the preference shares
from the commencement of business on Tuesday, 18 June
* Date of payment Tuesday, 18 June
Share certificates may not be dematerialised after Friday, 31 May 2002.
By order of the Board
J Marais
Company Secretary
24 April 2002
Registered office
KPMG Crescent
North Wing, First Floor
85 Empire Road
Parktown 2193
Transfer secretaries
Computershare Services Limited
11 Diagonal Street
Johannesburg 2001
(P.O. Box 1053, Johannesburg 2000)
Postal address
Postnet Suite 222
Private Bag X30500
Houghton 2041
Sponsor
Investec Bank Limtied
(Registration number 1969/004763/06)
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
