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IOTA - Results of General Meeting
IOTA FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/012195/06
JSE Share code: IOT ISIN:ZAE4014759)
("IOTA" or "the company")
RESULTS OF GENERAL MEETING
1. RESULTS OF THE GENERAL MEETING
Brait Advisory Services Limited is authorised to announce that the
ordinary resolutions and special resolution relating to the:
* approval of the audited financial statements of IOTA for the year
ended 30 April 2002;
* disposals by IOTA Group Holdings (Proprietary) Limited ("Group
Holdings"), a wholly-owned subsidiary of IOTA, of 100% of the issued
share capital of each of the following subsidiary companies:
- IOTA Business Finance (Proprietary) Limited;
- IOTA Investment Services (Proprietary) Limited;
- Colin Cooper and Associates (Proprietary) Limited;
- International Tank Containers (Proprietary) Limited;
- MR Financial Management (Proprietary) Limited;
- SP Reid & Mackeurtan (Proprietary) Limited;
- Waterford Financial Management (Proprietary) Limited;
(collectively referred to as the "subsidiaries") and
save for certain claims in respect of dividends declared by the
subsidiaries prior to 1 May 2002, all claims of whatever nature which
Group Holdings may have against the subsidiaries;
* distributions to IOTA shareholders by way of an advance liquidation
dividend and a final liquidation dividend;
* proposed capital reduction;
* suspension and subsequent delisting of IOTA from the JSE Securities
Exchange South Africa ("JSE"); and
* proposed voluntary winding-up of IOTA by its members,
were passed by the requisite majority of IOTA shareholders at the
general meeting held on Wednesday, 18 September 2002. The special
resolution will be lodged for registration with the Registrar of
Companies in due course.
2. RECORD DATE, LAST DAY TO TRADE AND DISTRIBUTION OF ADVANCE
LIQUIDATION DIVIDEND
In order to participate in the distribution of the advance
liquidation dividend of 130 cents per IOTA ordinary share ("advance
liquidation dividend") and the final dividend, IOTA shareholders need to
be recorded as such in the shareholders` register of IOTA
("participating shareholder") on Friday, 4 October 2002 ("record date").
Therefore, the last day to trade in IOTA ordinary shares in order to
become a participating shareholder is Friday, 27 September 2002.
In respect of certificated shareholders, the advance liquidation
dividend will be transferred electronically or by post to participating
shareholders on Monday, 7 October 2002. Dematerialised shareholders safe
custody accounts held at their Central Securities Depository Participant
and/or their broker will also be credited with the advance liquidation
dividend on the same day.
3. SUSPENSION AND TERMINATION OF IOTA`S LISTING
IOTA`s shares will be suspended on the JSE from the commencement of
trading on Monday, 30 September 2002. Following the registration of the
special resolution IOTA`s listing will be terminated on the JSE ("the
delisting"). It is anticipated that the delisting will have taken effect
by no later than 31 October 2002. A further announcement will be
published on SENS and in the press confirming the date of the delisting.
Sandton
18 September 2002
Corporate advisor
Brait
Attorneys
Werksmans Sponsors (Pty) Limited
(Registration number 2000/005164/07)
Transaction sponsor
Brait Sponsors (Proprietary) Limited
(Registration number 2000/031069/07)
Independent advisor to IOTA shareholders
Deloitte & Touche
Corporate Finance (Pty) Limited
Reporting accountants
PricewaterhouseCoopers Inc.
Chartered Accountants (SA)
Registered Accountants & Auditors
(Registration no. 1998/012055/21)
Date: 18/09/2002 02:43:00 PM Produced by the JSE SENS Department
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