Results Of General Meeting Of Laser`s Shareholders
Results of General Meeting of Laser`s Shareholders
THE LASER GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1971/010431/06)
(Share code: LSR ISIN: ZAE000017166)
(www.laser.co.za)
("Laser")
Results of General Meeting of Laser`s Shareholders
Results of general meeting
1. Further to the circular issued to Laser`s shareholders dated 9 September
2002 ("the circular") regarding the disposal by Laser, through two of its wholly
owned subsidiaries ("the sellers"), of substantial portions of Laser`s property
portfolio and the rights and obligations under the leases (collectively, "the
enterprises"), ("the disposal"), Laser`s shareholders are advised that at the
general meeting of shareholders held on Wednesday 25 September 2002, the
required majority of shareholders voted in favour of the ordinary resolutions
necessary to implement the disposal.
2. Conditions precedent
The disposal is conditional upon the fulfillment of the following conditions
precedent:
2.1 every liquidated liability of the enterprises falling due in terms of
Section 34(2) of the Insolvency Act, Act 24 of 1936 ("the Insolvency Act") and
which arose prior to the expiration of the 30-day period reckoned from the last
day on which advertisements are published in terms of Section 34 of the
Insolvency Act ("the expiration date"), being paid in full or satisfactory
arrangements being concluded by the sellers with the creditors of the
enterprises for payment thereof, prior to the expiration date, and
2.2 the sellers not being placed into liquidation (whether provisionally or
finally) during the aforesaid thirty-day period.
Laser`s shareholders will be notified on SENS and in the press when the disposal
is unconditional.
Cape Town
25 September 2002
Transaction sponsor and corporate advisor
Absa Corporate and Merchant Bank
Corporate Finance
Legal advisor
Bernadt Vukic Potash & Getz
Reporting accountants
Moores Rowland
Date: 25/09/2002 04:11:00 PM Produced by the JSE SENS Department
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