| Mon 13 May 2002, 0:00 | | Furnex - Fulfilment Of Conditions Precedent |
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Furnex - Fulfilment of conditions precedent
Furnex Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/018543/07)
("Furnex" or "the company"")
Share code: FRC
ISIN: ZAE 000022778
Fulfilment of conditions precedent and members` voluntary winding-up
1. Introduction
Investec Bank Limited is authorised to announce that the conditions
precedent to the disposal of the business of Furnex Stores (Proprietary)
Limited and the shares in and shareholders` claims on loan account against
Furnex Dealers Indemnity (Pty) Limited to Massmart Holdings Limited ("the
Furnex Stores disposal") have been fulfilled, and the Furnex Stores disposal
will shortly be implemented.
2. The voluntary winding-up and distributions
Following the implementation of the Furnex Stores disposal, Furnex will
proceed with a members` voluntary winding-up in terms of sections 349 and
350 of the Companies Act, 61 of 1973, as has been approved by shareholders.
As the first step will distribute an initial dividend in anticipation of
winding-up, being an amount of 120 cents per Furnex share ("initial
liquidation dividend"), to shareholders of Furnex recorded in the register
as such on Friday, 31 May 2002 ("the record date").
Prior to finalisation of the winding-up, Furnex will pay as a final dividend
in anticipation of winding-up the balance, if any, of the cash held by it
after all its remaining assets have been realised and liabilities settled
("the final liquidation dividend"), to Furnex shareholders registered as
such on the record date. The amount of the final liquidation dividend will
be published prior to finalisation of the Furnex voluntary winding-up and is
expected to be approximately 7 cents per Furnex share.
Shareholders should note that due to the delisting of Furnex shares on the
JSE Securities Exchange South Africa ("JSE") as set out in paragraph 3
below, the final liquidation dividend shall be paid to those shareholders
registered as such on the record date.
3. The delisting
Application has been made to the JSE for the suspension of the listing of
the Furnex shares with effect from the commencement of business on or about
Monday, 27 May 2002 and the subsequent termination of the listing of Furnex
shares with effect from the commencement of business on or about Tuesday, 4
June 2002.
Subsequent to the suspension of the listing of the Furnex shares on Monday,
27 May 2002, the register of Furnex shareholders will be frozen and no
further trade in Furnex shares shall be possible.
4. The change of name
Within six months of the Furnex Stores disposal, the company`s name (and
those of its subsidiaries) will be changed in order to no longer include the
name "Furnex", as the right to use the name "Furnex" has been sold as part
of the Furnex Stores disposal.
Despite the change of name and in view of the voluntary winding-up, it is
not considered necessary to issue new share certificates to the Furnex
shareholders.
5. Timing
2002
No Furnex shares may be dematerialised or Friday, 17
rematerialised after May
Expected last date to trade for participation in Friday, 24
the initial liquidation dividend and final May
liquidation dividend
Date of suspension of listing on the JSE with Monday, 27
effect from commencement of trade May
Expected record date for participation in the Friday, 31
initial liquidation dividend and final May
liquidation dividend
Date from which the dematerialised shareholders Monday, 3
will have the initial liquidation dividend June
credited to their safe custody accounts in terms
of the custody agreement entered into between
them and their CSDP or broker
Expected date from which cheques in respect of Monday, 3
the initial liquidation dividend will be made June
available or posted to certificated Furnex
shareholders
Expected date of termination of Furnex`s listing Tuesday, 4
on the JSE with effect from commencement of June
business
Date of final liquidation dividend to be
advised
Johannesburg
13 May 2002
Merchant Bank Sponsor
Investec bank Investec Securities
Date: 13/05/2002 05:40:00 PM Produced by the SENS Department
