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SAAMBOU BANK LIMITED - COMPANY ANNOUNCEMENT
SAAMBOU BANK LIMITED
(Registration number 1987/005437/06)
SCHEME OF ARRANGEMENT PROPOSED BY FIRSTRAND BANK HOLDINGS LIMITED BETWEEN
SAAMBOU BANK LIMITED, THEn UNDER CURATORSHIP, ("SAAMBOU") AND ITS CREDITORS
(OTHER THAN SAAMBOU`S DEPOSITORS AND FUNDING CREDITORS) ("THE ARRANGEMENT")
1. Notice is hereby given that the Arrangement has been sanctioned by the High
Court (Transvaal Provincial Division) in terms of the Order granted on 20 August
2002. The Order was registered with the Registrar of Companies on 30 August
2002.
2. All of the conditions precedent to which the Arrangement was expressed to be
subject were fulfilled or waived on 30 August 2002.
3. All scheme creditors who are required to prove or tender their claims must
do so within the time periods set out in Chapter 8 (clauses 13 to 17) of the
Arrangement. These scheme creditors include creditors with unliquidated claims
for damages. The Arrangement provides for the full payment to the scheme
creditors of all claims established against Saambou.
4. The attention of scheme creditors is specifically drawn to paragraph 17.1 of
the Arrangement which provides as follows:
"17.1 Scheme creditors, other than scheme creditors who accept that they are
creditors for the amounts reflected in the books of account of Saambou (as
advised by the Receiver) who are not notified by the Receiver that he rejects
such claim, who have received proper notice of the -
17.1.1 submission of the arrangement;
17.1.2 terms of the arrangement;
17.1.3 scheme meetings; and
17.1.4 sanction of the arrangement by the Court,
and who have, together with notification of the sanction, had their attention
specifically directed to the contents of this clause 17 and who fail to submit
their claims within the relevant period stipulated in 15 shall be deemed to have
abandoned their claims, free of consideration."
5. Depositors are not required to prove their claims or take any action
pursuant to the Arrangement or its sanctioning. The Arrangement has no effect on
depositors as their deposits remain guaranteed by FirstRand Bank Limited.
6. The particulars of the Receiver for scheme creditors are the following:
Saambou Park PO Box 74127
Alkantrand Road Lynnwood Ridge
Lynnwood Manor 0040
Pretoria E-mail: pietersemm@saambou.co.za
Tel: (012) 421-5058 Fax: (011) 388-3388
7. Copies of the Arrangement and all documents relating thereto may be obtained
free of charge from the Receiver at the above address.
Proposer
FirstRand Bank Holdings Limited
Merchant Bank
Rand Merchant Bank
Attorneys to the Arrangement
VORSTER PEREIRA
The Receiver
John Louw
KPMG
Date: 09/09/2002 08:07:13 AM Produced by the JSE SENS Department
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