Glodina Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/004150/06)
Share code: GDA ISIN: ZAE000002937
("Glodina")
Offer declared unconditional
The offer
Shareholders are referred to the announcement dated 7 November 2001 when it
was announced that Daun and Cie AG. and Paul Schouten ("the acquirors") had
purchased BJ Balladon & Sons' 49,3% shareholding in Glodina for 7 cents per
share. This acquisition, together with the acquirors existing shareholding
in Glodina, resulted in the acquirors controlling approximately 61,4% of the
issued shares in Glodina. The acquisition of a controlling stake in Glodina
classified the acquisition as an affected transaction in terms of the
Securities Regulation Code on Take-overs and Mergers. Accordingly, the
acquirors were obliged to extend an offer to all the minority shareholders
to acquire their shares at a price of
7 cents per share ("the offer"). The offer was extended to all minority
shareholders, however, it was conditional upon the approval by the
Competition Commission of the offer.
Rand Merchant Bank is authorised to announce that the Competition Commission
has now given its unconditional approval of the offer.
Salient dates 2002
Offer declared unconditional on Tuesday 30 April
Last day to trade to take up the offer Wednesday 15 May
Offer closes and record date Wednesday 22 May
Offer consideration cheques posted or
safe custody accounts credited on Thursday 23 May
Results of the offer published on Thursday 23 May
Recapitalisation
The controlling shareholders have indicated that it remains their intention
to recapitalise Glodina, which could entail, inter alia, a rights issue in
Glodina.
Hammarsdale
30 April 2002
Merchant Bank and transactional sponsor
Rand Merchant Bank
A division of FirstRand Bank Limited
Corporate finance
Independent adviser
Deloitte and Touche Corporate Finance
Sponsor
Deloitte and Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa
(Registration number 1996/000034/07)
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