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Servest/AMB Partners - Joint supplementary announcement: Fulfilment of condition
precedent
Servest Holdings Limited
(Registration Number 1986/000785/06)
Share code: SRV
ISIN: ZAE000015806
("Servest" or "the Company")
AMB Private Equity Partners Limited
(Registration Number 1998/015329/06)
Share code: APP
ISIN: ZAE000026936
("AMB Partners")
Joint supplementary announcement: Fulfilment of condition precedent
Introduction
Shareholders of Servest and unitholders of AMB Partners are referred
to the announcement dated 5 July 2002 (and supplemented by announcements
dated 12 July 2002 and 23 July 2002) regarding:
* the sale by Servest for cash of its investment in Servest (Proprietary)
Limited ("the sale") to a consortium led by AMB Partners, in accordance
with section 228 of the Companies Act, 1973 (Act 61 of 1973), as amended
("the Companies Act");
* the distribution to shareholders of Servest of the proceeds of the sale
together with residual cash remaining within Servest, by way of a
distribution in anticipation of liquidation; and
* the delisting, the payment of a final liquidation dividend and the
winding-up of the Company.
Fulfilment of condition precedent
Servest and AMB Partners have been informed that the Competition Commission
South Africa has approved the sale. The approval is not subject to any
conditions.
The implementation of the sale remains subject to the fulfilment of the
following conditions precedent:
* the passing by the shareholders of Servest, other than any related
parties, in general meeting of an ordinary resolution approving the terms
and conditions of the sale, in accordance with the provisions of section
228 of the Companies Act; and
* the seller and the purchaser complying with the requirements of
the JSE Securities Exchange South Africa and the Securities Regulation
Panel.
Further cautionary announcement and documentation
Shareholders of Servest are advised to continue exercising caution while
dealing in Servest shares until a further announcement is made in this
regard.
The posting of the circular to Servest shareholders containing further
information and a notice of a general meeting of Servest shareholders
has been delayed. The circular to Servest shareholders is now expected
to be posted on or about 15 August 2002. The general meeting of Servest
shareholders which is to be convened to consider and, if deemed fit,
to pass, with or without modification, the resolutions required to
effect, inter alia, the sale is expected to be convened on or about
Monday, 9 September 2002. The circular to Servest shareholders will
contain details of the other relevant dates and time.
Due to the aforementioned delay in the posting of the circular to Servest
shareholders, it is expected that the circular to AMB Partners unitholders
will be posted on or about 15 August 2002.
Investment bank and independent adviser to Servest
Nedcor Investment Bank
Corporate law advisers and consultants to Servest
Edward Nathan & Friedland (Pty) Limited
Sponsor to Servest
Deutsche Securities SA (Pty) Limited
Merchant bank and joint sponsor to AMB Partners
African Merchant Bank Limited
Lead sponsor to AMB Partners
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 07/08/2002 09:55:42 AM Produced by the JSE SENS Department
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