(Incorporated in the Republic of South Africa)
(Registration number: 1937/010108/06)
Share code RLY ISIN number: ZAE 000016457
("Relyant" or "the company")
RESTRUCTURING OF RELYANT - UPDATE
Further to the restructuring announcement issued on 8 April 2002 ("the
restructuring announcement") and the Trading and general update issued on 3
May 2002, the Relyant Board of Directors hereby announce that a further
condition precedent referred to in the restructuring announcement has been
met.
In respect of the affected transaction as defined by the Securities
Regulation Panel ("SRP") which occurs pursuant to the restructuring of
Relyant, the SRP has deemed it appropriate to grant POCO Holding GmbH or its
nominee ("POCO") and/or the debt funders of Relyant dispensation from the
obligation to make an offer to the minority shareholders of Relyant in terms
of Rule 34 of the SRP Code on the basis that the proposed restructuring
constitutes a rescue operation of Relyant.
Shareholders are advised that POCO and the debt funders of Relyant remain
committed to the capital restructuring on the terms as set out in the
restructuring announcement. The Relyant board of directors therefore
recommends that shareholders approve the resolutions required to complete
the recapitalisation process. These resolutions will be detailed in the
relevant documentation that will be posted to shareholders in due course.
13 May 2002
Johannesburg
Date: 13/05/2002 05:45:00 PM Produced by the SENS Department
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