Energy Africa Limited - Offer for Energy Africa - Take no action - Wait for your
Board`s views
Energy Africa Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/007140/06
Share Code: ENR
ISIN Code: ZAE000010427
NOT FOR PUBLICATION IN AUSTRALIA, CANADA OR JAPAN
Energy Africa will send the following letter to its shareholders:
Dear Energy Africa shareholders
Offer for Energy Africa
Take no action - Wait for your Board`s views
Petronas announced on Friday 27 September 2002 that it has posted to you its
formal Offer Document in connection with its R43.75 cash offer for the Energy
Africa shares other than those shares already held by Engen, Petronas or their
concert parties.
Your Independent Board of Directors, excluding the Engen appointed directors,
(the "Independent Directors") which has been so advised by Rothschild, firmly
believes that the Petronas Offer does not fully value your Company and therefore
recommends that you should take no action in relation to the Offer. In
providing its advice to the Board of Energy Africa, Rothschild has taken into
account the commercial assessments of the Independent Directors.
Your Independent Directors, intend to take no action in relation to the Offer in
respect of their own beneficial holdings of Energy Africa shares.
You should not sign any documents which Petronas or its advisers send you. The
Board remains determined to achieve maximum value for Shareholders and continues
to examine all options to realise value for Shareholders above the Offer price.
The Petronas Offer cannot be withdrawn and is open at least until Tuesday 29
October 2002. Your Board will be writing to you no later than Friday 11 October
2002 setting out its detailed views on the Offer. It strongly recommends that,
in the meantime, you take no action in relation to your shareholding.
Yours sincerely
Rhidwaan Gasant
Managing Director
Date: 27/09/2002 05:35:15 PM Produced by the JSE SENS Department
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