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WESCO -
Wesco Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/005871/06)
Share Code: WES ISIN: ZAE000007928
("Wesco" or "the Company")
THE SALE BY WESCO OF A CONTROLLING INTEREST IN TOYOTA SOUTH AFRICA (PROPRIETARY)
LIMITED TO TOYOTA MOTOR CORPORATION OF JAPAN
AND
THE CASH PAYMENT TO SHAREHOLDERS OF WESCO OF R55 PER SHARE
Introduction
At the general meeting of the Company held at 10:00 on Monday, 4 November 2002,
the resolution necessary to approve the sale ("the Sale") by Wesco of 39,3% of
the share capital in Toyota South Africa (Proprietary) Limited ("Toyota SA") to
Toyota Motor Corporation of Japan ("TMC") as well as all resolutions required to
give effect to the cash payment of R55 per share to shareholders of Wesco ("the
cash payment") were duly passed by the requisite majorities and all special
resolutions subsequently registered by the Registrar of Companies.
All conditions precedent to the Sale and the cash payment have now been
fulfilled. After the Sale, Wesco will continue to hold 25% plus one share in
Toyota SA, with TMC holding the balance.
Reminder of dates pertinent to the cash payment
Shareholders are reminded of the following dates pertinent to the cash payment:
Last day to trade in the shares of Wesco on the JSE
Securities Exchange South Africa ("JSE") in order to Friday, 15 November
be entitled to receive payment of the cash payment is
Shares of Wesco to trade ex cash payment entitlement Monday, 18 November
on the JSE on
Date to be recorded as a shareholder of Wesco in order Friday, 22 November
to receive payment of the cash payment is
Cash payment, in South African Rand, made available,
through:
* posting of cheques or credit of the bank accounts of
entitled shareholders of Wesco owning shares in
certificated form (provided information in this regard
has been timeously received by the transfer
secretaries of the Company); or
* credit of the accounts of entitled shareholders of
Wesco with Central Securities Depository Participants Monday, 25 November
("CSDP") or brokers in those cases where shares in
Wesco have been dematerialised and are managed by
CSDP`s or brokers on
Wesco share certificates may not be dematerialised or rematerialised between
Monday, 18 November 2002 and Friday, 22 November 2002, both days inclusive.
Johannesburg
8 November 2002
Investment bank and Independent legal adviser
independent
financial adviser WWB
NIB
Corporate adviser Reporting accountants
and sponsor
PricewaterhouseCoopers Inc
PricewaterhouseCoope
rs Corporate Finance
(Pty) Ltd
Date: 08/11/2002 07:30:00 AM Produced by the JSE SENS Department
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