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Brainware - Abridged Revised Listing Particulars
Brainware Limited
(Registration number 1997/006894/06)
Share code: BRW
ISIN code: ZAE000018289
("Brainware")
SOUTHERN ELECTRICITY COMPANY LIMITED
(Registration number 1997/006894/06)
("SELCo")
ABRIDGED REVISED LISTING PARTICULARS
1. BACKGROUND AND NATURE OF BUSINESS
SELCo, previously Brainware Limited ("Brainware"), was incorporated in the
Republic of South Africa on 9 May 1997. At a general meeting held on 6 September
2002 ("the general meeting"), shareholders approved the acquisition ("the
acquisition") of the entire issued share capital of Southern Electricity Company
(Proprietary) Limited ("SELCo Namibia"), a company registered in Namibia, with
effect from 1 July 2002. As Brainware was a cash shell before the acquisition,
the business of SELCo Namibia will in future primarily constitute the business
of SELCo.
SELCo Namibia manages and maintains electricity networks, previously
operated by municipalities, in Southern Namibia in terms of 15-year contracts
entered into between SELCo Namibia and the relevant municipalities. It aims to
expand its operations into Southern, Central and Western Africa.
2. SHARE CAPITAL AND LISTING ON THE JSE SECURITIES EXCHANGE SOUTH AFRICA
("JSE")
Following the repurchase of certain of its issued shares from the now
abandoned Brainware Employees Share Incentive Trust, the consolidation of its
authorised and issued share capital on a 1-for-50 basis, the increase of its
ordinary share capital (all pursuant to the passing of certain special
resolutions at the general meeting) and the issue of 22 209 795 consolidated
SELCo shares to the vendor of SELCo Namibia in consideration for the acquisition
(collectively "the proposals"), SELCo`s authorised and issued share capital are
as follows:
Authorised R`000
100 000 000 ordinary shares of 5 cents each 5 000
Issued
29 617 009 ordinary shares of 5 cents each 1 481
Share premium (Note) 6 066
7 547
Note:
After write-off of costs, estimated to amount to R1 300 000.
The JSE has approved the following amendments to the listing of Brainware
with effect from Monday, 16 September 2002:
the change of name from Brainware Limited to Southern Electricity Company
Limited;
the transfer of the listing from the "Investment Companies" sector to the
"Venture Capital Market - Electricity" board; and
the listing of SELCo`s consolidated ordinary shares, as comprised following the
implementation of the proposals, under the abbreviated name "SELCo" (share code
"SLO").
3. DIRECTORS OF SELCo
The names, addresses and occupations of the directors of SELCo are as
follows:
Director Address Occupation
Chris Francois Bosch 79 Nicholson Street Electrical
Baileys Muckleneuk Engineer
Baileys Muckleneuk
Ilze Bosch 79 Nicholson Street Accountant
Baileys Muckleneuk
Baileys Muckleneuk
Pierre Hendrik Jacobs 26 Sabie Street Electrical
Wierdapark Engineer
Pretoria
Frederick Kawooya No 3 Chelcedon Mechanical
Sekandi (1) Eros Park Engineer
Windhoek
Namibia
Francois Retief 603 Sonja Street Chartered
Ueckermann Morelettapark Accountant
Pretoria (SA)
Allen van Zyl No 2 Mont Blanc Industrial
11th Avenue Engineer
Wonderboom South
Pretoria
1. Ugandan citizen
2. All other directors are South African citizens
4. ORIGINAL DOCUMENT AVAILABLE FOR INSPECTION
An original copy of the Revised Listing Particulars will be available for
inspection during business hours at the offices of Quaestor Capital
(Proprietary) Limited at 44 Wierda Road West, Sandton.
Pretoria
13 September 2002
CORPORATE ADVISOR AND SPONSOR
Quaestor Capital (PTY) LTD
Registration number 1991/007330/07
Date: 12/09/2002 12:41:32 PM Produced by the JSE SENS Department
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