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Daewoo Electronics S.A. Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/004570/06)
Share code: DAE ISIN: ZAE000009437
("Daewoo" or "the company")
Announcement regarding:
- Results of general meeting and the scheme meeting;
- Remaining conditions precedent; and
- Court sanction of scheme
1. Results of the general meeting and of the scheme meeting
Shareholders are advised that:
1.1. at the general meeting of the company held at 9:00 on Wednesday 16 October
2002, resolutions were passed by the requisite majority of Daewoo
shareholders authorising the company, in terms of section 85 of the
Companies Act, 1973 (Act 61 of 1973), as amended, to repurchase 20 433 051
ordinary shares from Daewoo shareholders at 2 cents per share ("the
repurchase"); and
1.2. at the scheme meeting of the relevant Daewoo shareholders held at 9:30 on
Wednesday 16 October 2002 ("the scheme meeting"), the scheme of arrangement
proposed by Daewoo between Daewoo and certain of its shareholders ("scheme
members") ("the scheme") was approved by the requisite majority of scheme
members present in person or by proxy and entitled to vote at the scheme
meeting.
2. Remaining conditions precedent
Implementation of the scheme is still subject to the fulfilment of the
following conditions precedent ("the remaining conditions precedent"):
- registration by the Registrar of Companies of the special resolutions
authorising the repurchase ;
- sanction of the scheme by the High Court of South Africa
(Witwatersrand Local Division) ("the Court") ; and
- registration by the Registrar of Companies of a certified copy of the
Order of Court sanctioning the scheme .
3. Court sanction of scheme
The Court hearing to sanction the scheme is scheduled for 10:00, or so soon
thereafter as Counsel may be heard, on Tuesday, 29 October 2002 at the High
Court Building, von Brandis Square, corner Pritchard and von Brandis Streets,
Johannesburg.
4. Salient dates and times
Shareholders are reminded of the following dates that are applicable to the
scheme:
Announcement that scheme is unconditional Wednesday, 30
on SENS October
Announcement that scheme is unconditional Thursday, 31 October
published in press on
Last day to trade in order to participate Friday, 1 November
in the scheme
Expected suspension of listing of Daewoo
shares on the JSE from the commencement of Monday, 4 November
business on
Record date to participate in the scheme Friday, 8 November
Operative date of the scheme on Monday, 11 November
Consideration cheques posted to
certificated scheme participants or Monday, 11 November
deposited directly into scheme
participant`s bank account or
dematerialised shareholders will have their
accounts credited at CSDP or broker on (see
note 2 below)
Expected termination of listing of Daewoo
on the JSE with effect from the Tuesday, 12 November
commencement of business on
Notes:
(1) These dates and times are subject to change. Any such change will be
published in the press.
(2) Share certificates may not be dematerialised or rematerialsed after Friday,
1 November 2002.
Johannesburg
16 October 2002
Corporate Advisor Sponsor
-Corporate Solutions- -Exchange Sponsors-
Legal Advisor Independent Advisor to Daewoo shareholders
-Fluxmans- -BDO Spencer Steward-
Date: 16/10/2002 05:53:16 PM Produced by the JSE SENS Department
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