Terexko Limited - Announcement
Terexko Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/004154/06)
Share code: TRX ISIN: ZAE000011755
("Terexko" or "the company")
Announcement
Shareholders are referred to the announcement made by Spicer Holdings Limited ("
Spicer") on 17 July 2002 ("the Spicer announcement") in terms of which Spicer
would inter alia:
Dispose of all its shares in and claims (other than R2 400 000 (" the excluded
claim")) against Spicer Swedish Holdings AB, including its wholly owned
subsidiary Inter IT-Konsult i Sverige AB to Rhiannon SA ("Rhiannon"), an
associate company of Terexko, for R1,00; and
Repurchase from Terexko 57 083 201 Spicer shares (currently suspended from
trading on the JSE Securities Exchange, South Africa ("the JSE")), being its
entire shareholding in Spicer, for R1,00.
In addition to the above Terexko and Spicer and all their respective group
companies have agreed to waive all claims they may have against each other,
other than the excluded claim (collectively "the transaction").
Although this transaction does not require any action by Terexko in terms of the
Listings Requirements of the JSE, Terexko has agreed with the JSE that, as
Rhiannon is a related party, it will have this transaction ratified by its
shareholders.
Provided the suspensive conditions contained in the Spicer announcement are
fulfilled, and the transaction becomes unconditional, details of the transaction
will be included in the next set of annual financial statements and shareholders
will be asked to ratify it at the next annual general meeting of the company.
Johannesburg
26 July 2002
Corporate Advisor and Sponsor
Sasfin Bank Limited
Date: 26/07/2002 04:25:40 PM Produced by the JSE SENS Department
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