Molope - Results Of Scheme Meetings
MOLOPE GROUP LIMITED
(In Liquidation)
(Incorporated in the Republic of South Africa)
(Registration number 1995/000511/06)
(Ordinary share code: MOL ISIN: ZAE000013975)
(N ordinary share code: MON ISIN: ZAE000013983)
("Molope")
RESULTS OF SCHEME MEETINGS
Implementation of the liquidation and delisting of Molope by way of a scheme of
arrangement in terms of section 311 of the Companies Act, 1973 (Act 61 of 1973),
as amended ("the Companies Act"), proposed by Molope between Molope and Molope
creditors, Molope ordinary shareholders and Molope N ordinary shareholders
(collectively, "Molope shareholders") ("the scheme")
1. RESULTS OF THE SCHEME MEETINGS
PSG Investment Bank Limited is authorised to announce that, at the scheme
meetings of Molope held from 10:00 on Monday, 4 November 2002, the modified
scheme of arrangement proposed by Molope between Molope and Molope creditors,
Molope ordinary shareholders and Molope N ordinary shareholders ("the modified
scheme") was approved by the requisite majorities of Molope creditors and Molope
shareholders present and voting at the scheme meetings.
In terms of the modified scheme, Molope shareholders registered as such on
Friday, 15 December 2002 can expect to receive an initial cash consideration of
46,5 cents per Molope share held. Subject to the extent of any valid Molope
creditors` claims proven, any amount remaining of the R130 000 000 made
available to Molope creditors, will be paid to scheme members as a second and
final dividend. The extent of that dividend, if any, cannot be determined at
this time, as the extent of proven Molope creditors` claims is not known at this
time, and will only be known after the period for claims to be proved, has
expired.
2. COURT SANCTION
Application will be made to the High Court of South Africa (Transvaal Provincial
Division) to sanction the modified scheme on Tuesday, 12 November 2002. It is
expected that the results of such application will be announced on SENS on
Wednesday, 13 November 2002 and in the press on Thursday, 14 November 2002.
Johannesburg
7 November 2002
Corporate adviser Attorneys to the Corporate law advisers
and transactional scheme
sponsor
PSG Investment Bank KNOWLES HUSAIN Connie Myburgh (Pty) Limited
ATTORNEYS INC. Registration number
2002/001957/07
Date: 07/11/2002 03:19:00 PM Produced by the JSE SENS Department
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