PSG/Absa - Update regarding the proposed scheme of
AMAGB PSG PGH
PSG/Absa - Update regarding the proposed scheme of arrangement relating to PSGBH
PSG Group Limited Absa Group Limited
(Incorporated in the (Incorporated in the
Republic of South Africa) Republic of South Africa)
(Registration number: 1970/008484/06) (Registration number: 1986/003934/06)
Share code: PSG ISIN: ZAE000013017 Share code: ASA ISIN: ZAE000013389
("PSG Group") ("Absa Group")
PSG Investment Bank Holdings Limited Absa Bank Limited
(Incorporated in the (Incorporated in the
Republic of South Africa) Republic of South Africa)
(Registration number: 1998/017358/06) (Registration number: 1986/004794/06)
Share code: PGH ISIN: ZAE000018818 ("Absa")
("PSGBH")
Update regarding the proposed scheme of arrangement relating to PSGBH
In announcements dated 13 September 2002, shareholders of Absa Group, PSG Group
and PSGBH were advised, inter alia, that Absa had completed its due diligence on
PSGBH and that implementation of the proposed scheme of arrangement ("scheme")
was subject to the timely fulfilment, by 30 October 2002, of the remaining
conditions precedent.
Shareholders are advised that it is now considered unlikely that all conditions
precedent in respect of the regulatory approvals will be fulfilled before 30
October 2002, which date has, by mutual agreement, been extended to 28 February
2003. Consequently, Absa has agreed to increase the scheme offer price in that,
with effect from 15 November 2002, the offer price of 60 cents per PSGBH share
will attract interest at 12% per annum (nominal annual compounded monthly in
arrears) until the date the scheme consideration is paid. The same interest rate
will apply to the cash amount of 4 cents per PSGBH share to be distributed to
PSGBH shareholders.
The aforesaid considerations are in addition to the distribution of shares in
Vestacor Limited to PSGBH shareholders, which based on Vestacor's current share
price of 100 cents per share, amounts to approximately 5, 8 cents per PSGBH
share.
Shareholders will be informed of the salient times and dates for the
implementation of the scheme in due course.
Johannesburg
17 October 2002
Investment bank and joint Advisors to Absa
sponsor to PSG Group and PSGBH
PSGBH Absa Corporate and Merchant Bank
Corporate Finance
Sponsor to PSG Group and PSGBH Sponsor to Absa Group
PwC Merrill Lynch
Attorneys to PSGBH Attorneys to the scheme
Fluxmans Cliffe Dekker
Date: 17/10/2002 05:05:00 PM Produced by the JSE SENS Department
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