| Mon 24 Feb 2003, 16:16 | | Lnm Holdings N.v. - Results Of Revised Partial Off |
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Lnm Holdings N.v. - Results Of Revised Partial Offer By Lnm Holdings N.v. To
Release Date: 24/02/2003 15:17:21 Code(s): JSE
LNM Holdings N.V. - Results Of Revised Partial Offer By Lnm Holdings N.V. To
Minority Shareholders Of Iscor Limited To Acquire Up To 12,19 Per Cent Of The
Issued Share Capital Of Iscor Limited
LNM Holdings N.V.
(Registration number: 65443)
Member of THE LNM GROUP
RESULTS OF REVISED PARTIAL OFFER BY LNM HOLDINGS N.V. TO MINORITY SHAREHOLDERS
OF ISCOR LIMITED TO ACQUIRE UP TO 12,19 PER CENT OF THE ISSUED SHARE CAPITAL OF
ISCOR LIMITED
Shareholders of Iscor Limited ("Iscor") are referred to the announcements
made by or on behalf of LNM Holdings N.V. ("LNM") of 28 January 2003 and 14
February 2003, and to LNM`s revised offer circular to Iscor shareholders dated
31 January 2003 (the "revised offer circular"), pursuant to which LNM made a
revised offer to Iscor shareholders other than LNM, its nominees, associates and
concert parties ("Iscor minority shareholders") to acquire up to 12,19 per cent
of the issued share capital of Iscor, which equates to 18,7 per cent of each
Iscor minority shareholder`s holding, for R33,00 per share cum dividend of R1,00
per Iscor share (the "revised offer").
HSBC is authorised to announce that the revised offer closed at 16:00 on
Friday, 21 February 2003.
Of the 54 337 185 Iscor shares which comprised the revised offer (the
"revised offer shares"), acceptances of the revised offer were received in
respect of a total of 239 111 359 shares (440,05 per cent of the revised offer
shares); accordingly, proration as described in paragraph 6.1.3 of the revised
offer circular was applied, resulting in shareholders receiving 4,073 027 999
percent of their excess entitlement. Following the revised offer, LNM holds a
total of 209 510 684 shares in Iscor, which constitutes approximately 47,00
percent of Iscor`s issued share capital.
Cheques issued as consideration under the revised offer (in respect of
certificated shareholders who accepted the revised offer) will be posted by no
later than Wednesday, 26 February 2003, and accounts (in respect of
dematerialised shareholders who accepted the revised offer) will be credited on
Monday, 24 February 2003.
Johannesburg
24 February 2003
HSBC is acting for LNM and no one else in connection with the revised offer
and will not be responsible to anyone other than LNM for providing the
protections afforded to customers of HSBC, nor for providing advice in relation
to the revised offer.
White & Case LLP is acting for LNM and no one else in connection with the
revised offer and will not be responsible to anyone other than LNM for providing
advice in relation to the revised offer.
Financial advisers to LNM
HSBC
Corporate law advisers to LNM
WHITE& CASE Limited Liability Partnership
Date: 24/02/2003 03:17:00 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
