INTERNATIONAL AND FURTHER CAUTIONARY ANNOUNCEMENT
VenFin Limited
(Registration number 1948/031037/06)
ISIN ZAE000026498 Share Code VNF
("VenFin")
Announcement regarding transaction with Merrill Lynch International and
further cautionary announcement
Further to the cautionary announcement dated 29 August 2002, Rand
Merchant Bank Corporate Finance is authorised to announce that VenFin
has entered into an agreement with Merrill Lynch International ("MLI")
in terms of which
* VenFin has acquired a put option from MLI in respect of 51 858 000
Richemont depositary receipts held by VenFin; and
* MLI has acquired a call option from VenFin in respect of 51 858 000
Richemont depositary receipts held by VenFin (together "the options").
The exercise date of the options is 31 December 2002.
As shareholders were advised earlier, VenFin had discussions with Hosken
Consolidated Investments Limited ("HCI") regarding the purchase of the
latter`s 5% interest in Vodacom Group (Proprietary) Limited ("the
Vodacom interest"). Following the discussions an agreement was concluded
between VenFin and HCI for the purchase of the Vodacom interest with
effect from 31 December 2002. HCI is disputing the existence of such an
agreement. VenFin is, however, of the opinion that a valid and binding
agreement was concluded and as a result entered into the transaction
with MLI to finance the purchase price of the Vodacom interest.
Shareholders are advised to continue to exercise caution in dealing in
their shares until a further announcement is made in regard to the above
matter.
Sponsor: Rand Merchant Bank Corporate Finance (a division of FirstRand
Bank Limited)
Attorneys: Hofmeyr Herbstein & Gihwala Inc. (Registration number
1997/001523/21)
Date: 19/09/2002 05:30:18 PM Produced by the JSE SENS Department
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