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Rebserve Holdings Limited - Implementation of the settlement agreement in
respect of the discharge by Rebserve of the balance of the Molope purchase
consideration
Rebserve Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Share code: RBV ISIN: ZAE000034484
("Rebserve")
Implementation of the settlement agreement in respect of the discharge by
Rebserve of the balance of the Molope purchase consideration
Introduction
It was announced in the press on 26 July 2002 that Rebserve had concluded a
settlement agreement ("the settlement agreement") in terms whereof Rebserve
would pay a net sum of R188 801 653 in full and final settlement of all claims
against any company forming part of the Rebserve group ("the group") arising
from or pursuant to the acquisition by the group of the services and facilities
management businesses and related assets ("the businesses") of Molope Group
Limited ("Molope"), subject to certain conditions precedent including, in
particular, the sanctioning of a scheme of arrangement ("the scheme") in terms
of section 311 of the Companies Act between Molope and its creditors and
shareholders.
Court sanction
The scheme was sanctioned by the High Court of South Africa (Transvaal
Provisional Division) on Tuesday, 12 November 2002, with the result that the
settlement agreement will be implemented upon the conclusion of certain
formalities including, inter alia, the registration of the relevant court order
by the Registrar of Companies.
The terms of the court order sanctioning the scheme include, inter alia, that:
- the group has been discharged from all claims or liabilities of any nature
arising from the acquisition of the businesses; and
- payment by Rebserve of the net sum of R188 801 653 in the manner stipulated in
the scheme will constitute a complete, lawful and proper manner of payment and
discharge by the group of all amounts owing under or pursuant to and all of its
obligations under or pursuant to the acquisition of the businesses and/or
amounts due or owing to scheme participants (as defined in the scheme) by any
entity forming part of the group pursuant to any cause of action whatsoever.
Payment
The net sum of R188 801 653 will be paid by Rebserve out of existing cash
resources upon the conclusion of the formalities referred to above.
Sandton
13 November 2002
Sponsor
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
Attorneys
Werksmans
Attorneys
Date: 13/11/2002 05:05:00 PM Produced by the JSE SENS Department
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