Zarara Energy Limited - Results Of General Meeting
ZARARA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/001078/06)
Share code: ZRR ISIN: ZAE000033080
("Zarara")
RESULTS OF GENERAL MEETING
PricewaterhouseCoopers Corporate Finance is authorised to announce that, at the
general meeting of Zarara shareholders held on Monday, 10 February 2003, the
special and ordinary resolutions necessary to authorise:
the sale of shares in SA Bioproducts Holdings (Proprietary) Limited ("SA
Bioproducts"), in consideration for a cash payment of R27 000 000, to St James
Development Company (Proprietary) Limited, in accordance with section 228 of the
Companies Act, 1973 (Act 61 of 1973), as amended ("the proposed sale"); and
the repurchase and cancellation of 7 348 006 ordinary shares in the issued share
capital of Zarara ("the repurchased shares")
were duly passed by the requisite majority of Zarara shareholders.
The special resolutions have been lodged with the Registrar of Companies for
registration. The listing of the repurchased shares will be terminated from the
commencement of trading on the JSE Securities Exchange South Africa on Tuesday,
11 February 2003.
Zarara shareholders are advised that the proposed sale remains subject to two
conditions precedent:
BASF Aktiengesellschaft ("BASF") to agree to waive the change of control
provisions contained in the existing supply agreement, whereby BASF was
appointed SA Bioproducts` exclusive distributor of threonine in the world, save
for Southern Africa. The date for the fulfilment of this condition is no later
than 27 February 2003; and
the approval of the proposed sale by the Competition Commission, in terms of the
Competition Act, 1998 (Act 89 of 1998).
Zarara shareholders will be advised once the proposed sale becomes
unconditional.
11 February 2003
Independent adviser and sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Attorneys
Cliffe Dekker
Reporting accountants
Deloitte & Touche
Date: 11/02/2003 08:59:00 AM Produced by the JSE SENS Department
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