President Steyn Gold Mines Limited - Cautionary An
PRESIDENT STEYN GOLD MINES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014461/06)
Share code: PGD; ISIN code: ZAE000026654
("PSGM")
CAUTIONARY ANNOUNCEMENT
The board of directors of PSGM ("the board") wish to advise shareholders that
they have received a letter from Thistle Mining Incorporated ("Thistle") in
which Thistle indicated that it may make an offer to all PSGM shareholders at an
offer price in aggregate of R90,6 million, being 18 cents per PSGM ordinary
share ("the proposed offer"). Thistle has further indicated that it will only
proceed with a firm intention to make an offer once it has succeeded in raising
the funding required for the proposed offer and has lodged the necessary
irrevocable funding letters to the satisfaction of the board and the Securities
Regulation Panel on or before 24 January 2003.
Thistle has confirmed that the proposed offer shall be made on the basis that
PSGM shall declare a dividend ("the dividend") to the PSGM shareholders on or
before 28 February 2003. Should the offer be implemented, the PSGM shares will
be sold ex dividend to Thistle. The amount of the dividend shall be equal to the
value of the net current assets of PSGM on 28 February 2003, which amount is
estimated to equate to approximately 1,5 cents per PSGM ordinary share.
Thistle has further advised the board that it has received irrevocable letters
of intent from shareholders holding at least 90% of the issued share capital of
PSGM, in terms of which they will agree to accept the proposed offer should it
be made.
A full announcement will be made on or about 24 January 2003 once the board has
received the firm intention to make an offer from Thistle. Accordingly,
shareholders are advised to exercise caution when dealing in the company`s
securities until a full announcement is made.
Johannesburg
24 December 2002
Corporate adviser
Bishop Corporate Finance
Sponsor
BOE Securities
Attorneys
Hofmeyr, Herbstein & Gihwala
Date: 24/12/2002 08:00:00 AM Produced by the JSE SENS Department
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