| Fri 21 Feb 2003, 10:19 | | Southern Mining Corporation Limited - Company Anno |
|
SOUTHERN MINING CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/014149/06)
Share code: SMC ISIN: ZAE000029799
("Southern Mining" or "the Company")
ANNOUNCEMENT REGARDING THE EFFECTIVE DISPOSAL BY SOUTHERN MINING OF ITS INTEREST
IN CORRIDOR SANDS LIMITADA AND THE SALIENT DATES OF THE FIRST LIQUIDATION
DIVIDEND PAYMENT TO SHAREHOLDERS
1. Introduction
Shareholders are referred to the terms announcement published on 9 December
2002 and the detailed circular posted to shareholders of the Company on 14
January 2003, setting out details of:
- the effective disposal by Southern Mining of its interest in Corridor Sands
Limitada in accordance with section 228 of the Companies Act, 1973 (Act 61 of
1973), as amended;
- the proposed distribution by way of an advance dividend, in anticipation of
the members` voluntary winding-up, of the proceeds of the disposal of Corridor
Sands Limitada to the shareholders of Southern Mining; and
- the approval by shareholders of Southern Mining of the proposed members`
voluntary winding-up of Southern Mining.
Shareholders are further referred to the results announcement of the general
meeting held on Wednesday 29 January 2003, at which meeting the resolution to
dispose to WMC Mineral Sands Limited, of the majority of Southern Mining`s
assets, in terms of section 228 of the Act, was approved by the required
majority of shareholders present and voting either by proxy or in person.
In the results announcement, shareholders were also advised that short notice
was given to shareholders, in the original circular and announcement, in respect
of the special resolution required for the voluntary winding-up of the Company.
Accordingly, a new general meeting will be convened on 24 February 2003 to
consider the special resolution and ordinary resolutions number 2 and 3, which
ordinary resolutions are subject to the passing of the special resolution. A
Notice of General Meeting was sent to shareholders on 30 January 2003 for this
purpose.
2. Declaration of the first dividend in anticipation of the members` voluntary
winding-up
The Board of Southern Mining has resolved to declare a first dividend in
anticipation of the members` voluntary winding-up of 818 cents per share, to all
shareholders recorded in the register of Southern Mining on Friday, 14 March
2003, the record date. Detail of the anticipated timetable is contained in
paragraph 3 of this announcement.
This dividend is subject to the approval in general meeting by the requisite
majority of shareholders, of the special and ordinary resolutions referred to in
paragraph 1 above.
3. Salient dates of the cash payment of the first dividend in anticipation of
the members` voluntary winding-up of the Company
The salient dates are as set out in the table below:
Distribution declaration date Friday, 21 February 2003
Last date to trade ordinary shares "CUM"
first distribution in
anticipation of members, voluntary
winding-up Friday, 7 March 2003
Ordinary shares trade "EX"
distribution, from commencement
of business on Monday, 10 March 2003
Record date Friday, 14 March 2003
Payment date Monday, 17 March 2003
Notes:
1. No dematerialisation or rematerialisation of share certificates may take
place between Monday, 10 March 2003 and Friday, 14 March 2003, both days
inclusive.
2. The dividend is declared in the currency of the Republic of South Africa.
3. These dates are subject to change. Any change will be published on SENS and
in the press.
4. In respect of dematerialised shareholders, accounts with the Central
Securities Depository Participant or broker will be credited with the payments
on Monday, 17 March 2003. Certificated shareholders` cheques will be posted (or
electronically transferred, if so elected) on Monday, 17 March 2003.
4. Further announcements
Shareholders will be advised of the results of the general meeting to be held
on 24 February 2003 and the consequential status of the proposed first dividend.
Further announcements stipulating the salient dates of the final liquidation
dividend payments and the voluntary winding up of the Company, will be made to
shareholders in due course.
Johannesburg
21 February 2003
Sponsor
HBC
Legal advisers
to Southern Mining
bell dewar hall
Independent advisers
to Southern Mining
KPMG
Date: 21/02/2003 08:06:47 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
