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Rare Earth Extraction Co. Limited
(Registration number 1989/003212/06)
Share code: RCO ISIN: ZAE000005807
("Rareco" or "the company")
* Results of general meeting;
* Specific issue of shares for cash;
* Restructure of share capital; and
* Surrender of share certificates
The Janus Corporation (Pty) Limited is authorised to announce that at a
general meeting of Rareco shareholders held on 29 April 2002, the following
special and ordinary resolutions were approved:
Restructure of share capital
The authorised and ordinary share capital of the company was restructured
from shares with a par value of 36 cents per share to shares with a par
value of 2 cents. The special resolutions have been registered with the
Registrar of Companies.
Specific issue of shares for cash
A loan account amounting to R1 379 644 was converted to 6 300 000 ordinary
shares at an issue price of 21,899111 cents per share. Mr Trevor Blench, the
chairman of Rareco and its major shareholder, provided loan funding to the
company for its essential working capital needs at a stage when the company
had no other source of funding available to it. The loan was converted to
shares based on the trading prices applicable on the dates that each loan
was made. As this was a related party transaction in terms of the Listings
Requirements of the JSE Securities Exchange South Africa, Mr Blench was
precluded from voting the 6 000 000 shares that he already owned in Rareco.
After the transaction, Mr Blench holds 31,30% of the 39 300 000 Rareco
shares in issue.
Financial effects
The financial effects of the specific issue of shares for cash on the
financial results of Rareco for the six months ended 31 December 2001 and
the balance sheet at that date are set out below. The "after" figures take
into account the capitalisation of the loan of R1 379 644 and are based on
the assumption that an additional 6 300 000 shares are in issue. Rareco`s
accounting policy is to capitalise all income and expenses to fixed assets.
Unaudited Pro forma Decrease
"before" "after"
six months conversion
ended of debt
31 December
2001
Headline earnings per 0,0 0,0 n/a
share (cents)
Net asset value per 40,9 37,5 8,3%
share (cents)
Number of shares in 28 852 269 35 152 269
issue
Revised salient dates for the surrender of share certificates to obtain new
par value certificates
As the par value of Rareco shares has changed from 36 cents per share to 2
cents per share the following procedures and dates will apply in order for
shareholders to obtain share certificates with the new par value:
Publication of results of general
meeting and posting of second Thursday, 23 May
surrender form to shareholders on 2002
Last date to trade at close of
business on Friday, 7 June 2002
Shares will trade at the new par Monday, 10 June
value from commencement of trading on 2002
Record date Friday, 14 June
2002
New share certificates (for those
shareholders that requested
certificated shareholding) posted
against surrender of existing share Tuesday, 18 June
certificates, from 2002
Dematerialised shareholders will have
their shareholding adjusted in terms
of the custody agreements entered
into between the dematerialised Tuesday, 18 June
shareholder and their CSDP`s or 2002
brokers on
No dematerialisation or rematerialisation of Rareco shares will take place
after 31 May 2002.
Somerset West
22 May 2002
Corporate financiers and sponsor
The Janus Corporation (Pty) Ltd
Attorneys
Findlay & Tait
Cape Town office of Bowman Gilfillan Inc
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