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METOREX LIMITED - ODDLOT OFFER
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN code: ZAE000022745
ISSUER CODE: MEMTX
("Metorex" or "the company")
ODDLOT OFFER
1. Introduction
Metorex has 138 984 820 shares in issue, 12 971 of which are held by
shareholders who hold less than 100 shares ("oddlot holdings"). The oddlot
holdings represent 0,01% of the shares in issue and 38,9% of the number of
shareholders in the company. The directors of Metorex wish to reduce the
substantial administration costs associated with these oddlot holdings and have
accordingly resolved to implement an oddlot offer. The price of the oddlot
offer will be the weighted average traded price of Metorex shares on the JSE
Securities Exchange South Africa over the 10 trading days ending Friday, 25
October 2002 ("the offer price") and will be published on SENS on Monday, 28
October 2002. All shareholders who hold less than 100 shares on Friday, 15
November 2002 ("the record date") are offered the opportunity to elect:
to sell their oddlot holdings at the offer price ("the cash alternative"); or
to purchase a sufficient number of additional shares at the offer price in order
to increase their holdings to 100 shares ("the purchase alternative"); or
to retain their oddlot holdings.
Compulsory sale of shares
The holdings of shareholders holding less than 100 shares on the record date who
do not make an election will be sold either to those oddlot holders who elect
the purchase alternative or to Barnard Jacobs Mellet Private Client Services
(Proprietary) Limited, as the case may be.
2. Important dates
Record date
Shareholders who are recorded as such in the books of the company at the close
of business on Friday, 15 November 2002 and who hold less than 100 shares
("oddlot holders") will be entitled to participate in the oddlot offer.
Last day to trade
The last day to trade in order to participate in the oddlot offer will be
Friday, 8 November 2002.
Oddlot offer period
The oddlot offer will open at the commencement of business on Monday, 30
September 2002 and the election period in regard thereto will close at 16h00 on
Friday, 15 November 2002.
3. Condition precedent
The implementation of the oddlot offer is subject to the special and ordinary
resolutions, set out in the notice of general meeting which will be attached to
and form part of a circular to shareholders as mentioned in paragraph 5 below,
being approved by shareholders and the registration of the special resolution by
the Registrar of Companies.
4. Financial effects
The oddlot offer and the issue of any new shares will have an effect of less
than 1% on the company`s earnings per share, net asset value per share or
tangible net asset value per share.
5. Circular to shareholders
A circular containing information relating to the oddlot offer and a notice
convening a general meeting, to be held on Thursday, 31 October 2002, will be
posted to shareholders on or about 1 October 2002.
Johannesburg
27 September 2002
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 26/09/2002 05:00:00 PM Produced by the JSE SENS Department
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