|
Gencor Limited
Incorporated in the Republic of South Africa
Registration number 1895/001232/06
Share code : GMF
ISIN code : ZAE000013066
("Gencor" or "the Company")
Gencor Announcement
Result of general meeting
At a general meeting of shareholders of the Company held on 24 June 2002 for
the purpose of considering a special resolution necessary to amend the
Articles of Association of the Company to reduce the minimum number of
directors, the special resolution was passed by the requisite statutory
majority. The resolution has been sent to the Registrar of Companies for
registration.
As a result of recent press speculation, the Board wishes to bring the
following matters to the attention of shareholders:
Unbundling
Since the disposals and distributions by the Company of its investments
commencing in 1997, it has been the declared intention of the Board of
Gencor to distribute all of the ordinary shares held by the Company in
Impala Platinum Holdings Limited ("Implats"). The proposed unbundling cannot
be considered until the expiry of certain contractual undertakings given by
the Company. These undertakings will expire towards the end of July 2002.
The Board has embarked upon a process to consider the proposed unbundling in
the most efficient manner, taking into account legal and tax advice.
A further announcement will follow in due course.
Litigation
Gencor has recently received a total of 37 summonses from persons claiming
to be ex-employees of Griqualand Exploration Finance Company Limited
("Gefco") and/or Msauli Asbes Limited ("Msauli"), or other companies alleged
to have been controlled by Gefco and/or Msauli. The claimants in terms of
each of these summonses claim damages against a variety of parties,
including Gencor, on the basis of alleged asbestos related diseases incurred
or contracted during the periods from 1950 to 2001 whilst allegedly employed
on mines operated by Gefco and/or Msauli and/or their subsidiaries. Gencor
has considered each of the 37 summonses individually and has taken legal
advice, including the advice of senior counsel, on the summonses. The
directors of the Company are of the view, having taken this advice, that
Gencor is not liable in South African law for any of the amounts claimed
from Gencor, and has instructed its attorneys to defend each of these
claims.
The Board of directors of Gencor will in future evaluate further claims of
this nature, if any, on an individual basis and the Board will, on the basis
of advice taken from experts, continue to act in a responsible fashion in
relation to such claims.
By order of the Board
J Marais
Company Secretary
24 June 2002
Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys
WEBBER WENTZEL BOWENS
Date: 24/06/2002 04:50:00 PM Produced by the SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
