Energy Africa Limited - Cautionary Announcement
Energy Africa Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/007140/06
Share Code: ENR
ISIN Code: ZAE000010427
Energy Africa advises its shareholders to continue exercising extreme caution
before dealing in the shares of the company
MESSAGE FOR ENERGY AFRICA SHAREHOLDERS
Your shares are worth more than you are being offered by Petronas...
You have been offered ZAR 43.75 per Energy Africa share by Petronas
Your Board firmly believes that the offer does not fully value your company
The closing price at on 27 September 2002 was ZAR45.00 per Energy Africa share.
Petronas cannot buy shares in the market above its offer price
Your Board is determined to achieve maximum value for Energy Africa
shareholders. Your Board, together with Rothschild, its financial adviser,
continues to examine all options to maximise value for Energy Africa
shareholders
You are advised to take no action with regard to any documents you may receive
from Petronas or its advisers
Your Board will write to you shortly detailing why it believes the offer does
not fully value your company
Wait for your Board`s response.Take no action
Notes:
Except with the consent of the Securities Regulation Panel the Petronas offer,
subject to the conditions contained therein, cannot be withdrawn until at least
Tuesday 29 October 2002 and you will have until at least this date to accept the
offer, should you decide to do so.
Your Directors do not intend to accept the offer in respect of their own
beneficial holdings of Energy Africa shares
Shareholders are strongly advised to exercise extreme caution and consult with
their independent financial adviser before dealing in Energy Africa shares
Definitions:
`Energy Africa` : Energy Africa Limited
`Petronas` : Petronas International Corporation Limited
`Board` : Board of Energy Africa (excluding the Engen Limited appointed
directors
Dato` M Idris Mansor, George B D Paul and Tunku M Fawzy b. Tunku Muhiyiddin)
`Directors` : Directors of Energy Africa excluding the Engen Limited appointed
directors
(Dato` M Idris Mansor, George B D Paul and Tunku M Fawzy b. Tunku Muhiyiddin)
`Rothschild` : N M Rothschild & Sons (South Africa) (Proprietary) Limited
Date: 30/09/2002 09:01:22 AM Produced by the JSE SENS Department
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