Ifanet Limited - Exercise Of Right By Arcay And Re
IFANET LIMITED - EXERCISE OF RIGHT BY ARCAY AND RESIGNATION OF TWO DIRECTORS
IFAnet Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1995/006144/06; JSE code: IFA; ISIN number:
ZAE000035762)
("IFAnet" or "the company")
EXERCISE OF RIGHT BY ARCAY AND RESIGNATION OF TWO DIRECTORS
Exercise of right
Arcay Group Limited ("Arcay") has decided to exercise its right, in terms of
an agreement with the company which was approved by shareholders in IFAnet
at a general meeting held on 15 January 2002, to procure the issue to it of
an additional 7 993 235 364 new ordinary shares of 0.0001 cent each for a
consideration of R7 993.24. The issue of these shares, together with the 84
000 000 shares already owned by Arcay will constitute Arcay as the holder of
90.0% of the company`s issued shares.
Resignation of directors
Dr M Bernstein and Mr DS Avnit have resigned from the board of IFAnet with
immediate effect.
Outlook
The remaining directors of the company are currently considering
alternatives for the company`s future and will inform shareholders as soon
as they are in a position to do so.
Johannesburg
19 June 2002
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
Date: 20/06/2002 08:35:00 AM Produced by the SENS Department
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