| Fri 13 Dec 2002, 17:11 | | Arcay - Company Announcement |
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Arcay - Company Announcement
Arcay Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/003944/06)
Share code: ARC ISIN code: ZAE000022406
Debenture code: ARCD ISIN code: ZAE000022398
("Arcay" or "the company" or "Arcay Group")
Final payment to debentureholders
Further to the announcement to debentureholders published by the trustee on SENS
on 27 November 2002 and in the press on 28 November 2002 and further to the
announcement published by Arcay Group on SENS on 29 November 2002 and in the
press on 02 December 2002 ("the Arcay announcement"), debentureholders are
herewith informed that the remaining capital amount of their debentures after
the partial repayment of R1,10 per debenture on 17 December 2002, namely R1,39
per debenture ("the remaining capital amount") together with accrued interest as
contemplated below ("the repayment consideration") will be repaid in full on 13
January 2003.
The salient dates and times are as follows: -
Last day to trade Friday, 03 January 2003
Suspension of listing of
Arcay Group debentures Monday, 06 January 2003
Record date Friday, 10 January 2003
Repayment date (see note 1)
of the repayment consideration Monday, 13 January 2003
Termination of listing from
commencement of business Tuesday, 14 January 2003
Notes
1. As regards forms of surrender and documents of title received thereafter,
the repayment consideration will only be paid 5 business days from receipt
thereof.
2. Debenture certificates may not be dematerialised or rematerialised after
Friday, 03 January 2003
Interest calculation
Interest of R0,042 per debenture in respect of the period from 01 October 2002
until 16 December 2002, calculated on the face value of R2,49 per debenture, and
interest of R0,0082 per debenture in respect of the period 17 December 2002 to
12 January 2003, calculated on the remaining capital amount will be paid
simultaneously (total interest of R0,0502) with the remaining capital amount on
13 January 2003.
Debentureholders who do not surrender their debenture certificates or other
documents of title timeously, will not receive an additional interest payment in
respect of the period after the repayment date to the date when they surrender
their debenture certificates or other documents of title.
Trustee costs
Arcay Group has paid in full the invoiced trustee`s fees, costs, charges and
disbursements and has agreed to the full payment of the trustee`s fees, costs,
charges and disbursements incurred from such dates from the interest earned on
the funds held by the trustee.
Those debentureholders who contributed to the funding of the costs of the
arbitration will be contacted by the trustee, once the trustee`s functions as
regards the repayment of the debentures cease, to arrange for repayment of their
contributions.
Notice
A notice detailing the procedures for the repayment of the debentures and
surrender of documents of title for cancellation will be posted to
debentureholders on, or about, 18 December 2002. Debentureholders may contact
Arcay Group at (011) 532 4040 for copies of the notice.
Retraction of misleading statements
The trustees of the debentureholders and representatives of Arcay met on 11
December 2002 and discussed the conflicting allegations contained in the
respective announcements referred to above and the concomitant concerns that
they held, as well as the problems in resolving the matter within the time
constraints. As a result Arcay retracts its statement contained in the Arcay
announcement to the effect that Edward Nathan & Friedland (Pty) Ltd made
misleading statements in its announcement dated 27 November 2002.
Johannesburg
13 December 2002.
Arcay Group Limited
(Registration number 1991/1003944/06)
Sponsor
KPMG Inc
Trustee of debentureholders
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
Date: 13/12/2002 04:06:51 PM Produced by the JSE SENS Department
