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Mustek Limited - Announcement Regarding The Proposed Taiwan Depositary
Receipt Listing Notice Of A General Meeting To Approve The Transaction
MUSTEK LIMITED
Incorporated in the Republic if South Africa
(Registration number 1987/070161/06)
("Mustek" or "the company")
Share Code: MST
ISIN Code: ZAE 000012373
ANNOUNCEMENT REGARDING THE PROPOSED TAIWAN DEPOSITARY RECEIPT
LISTING NOTICE OF A GENERAL MEETING TO APPROVE THE TRANSACTION
1. Introduction
Mustek intends to pursue a listing of depository receipts on the Taiwan
Stock Exchange ("the TDR transaction"), as a result of significant Taiwanese
investor interest in Mustek. The TDR transaction will require Mustek
shareholders to approve certain resolutions at a general meeting. The TDR
transaction will involve an issue of 20 000 000 Mustek shares for cash at
the price at which the depository receipts are listed, subject to a minimum
issue price of 450 cents per share ("TDR listing price"). Should the TDR
transaction proceed Mustek shareholders will have the option to sell up to
10% of their Mustek shares, to Mustek at the TDR listing price by way of a
pro-rata share buy-back.
2. Rationale for the TDR transaction
The Taiwan Stock Exchange ("the TSE") is characterised by highly tradable
shares and many technology listings, some of which are the largest PC
component and PC related companies in the world. Taiwanese investors have an
understanding of and an appetite for these types of technology companies.
The proposed TDR transaction will have the following benefits for Mustek:
* strengthen relationship with key Taiwanese suppliers;
* provide a mechanism for raising capital in international markets;
* increase Mustek`s international visibility and brand recognition; and
* potentially improve Mustek`s market rating, as similar companies listed on
the TSE trade at considerably higher multiples than South African companies.
3. General meeting and timetable
The dates relating to the general meeting are listed hereunder:
Dates 2002
Last day for receipt of forms of Friday, 28 June
proxy by 10:00
Shareholders` meeting to be held at Tuesday, 2 July
10:00
Results of the general meeting Thursday, 4 July
published in the press
A circular to shareholders setting out the details of the TDR transaction
and including a notice of the general meeting and form of proxy will be
posted to shareholders today.
Midrand
10 June 2002
Sponsor to Must Joint legal advisors to Mustek
ek
Exchange Kramer & Viljoen Deloitte & Touche Legal (SA)
Sponsors
Joint corporate advisors to Mustek International legal advisor
Merchantec Corporate Baker & McKenzie
Solutions
Joint reporting accountants to Underwriter
Mustek
Deloitte & Henry K.H Pon & Co Yuanta Core Pacific Securities
Touche (SA)
International accounting advisor
Deloitte &
Touche (Taiwan)
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