Johnnic - Cautionary Announcement
JOHNNIC HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1889/000429/06)
ISIN: ZAE000024352
Share Code: JNC
("Johnnic")
CAUTIONARY ANNOUNCEMENT
Standard Corporate and Merchant Bank is authorised to announce that the board of
directors of Johnnic has decided, subject to all necessary regulatory,
shareholder and other approvals, to unbundle Johnnic`s shareholding in the MTN
Group Limited ("MTN Group") to the shareholders of Johnnic. The rationale is to
unlock shareholder value by eliminating the discount at which Johnnic shares
trade to its underlying net asset value and to enable Johnnic shareholders to
exercise direct control of their indirect investment in MTN Group. Further
details of the unbundling will be published in the press and a circular
containing such details will be sent to shareholders in due course.
Johnnic shareholders are accordingly advised to exercise caution in dealing in
their shares until a further announcement is made.
Johannesburg
14 February 2003
Merchant bank Legal Adviser Tax adviser
SCMB Webber Wentzel Deloitte
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 14/02/2003 04:55:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
