THE HOUSE OF BUSBY LIMITED - Cautionary Announceme
THE HOUSE OF BUSBY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009173/06)
Share code: BSB ISIN number: ZAE000013637)
("Busby")
Cautionary Announcement
1. Introduction
Busby shareholders are advised that on 7 March 2003 a consortium led by David
and Keith Brouze ("the consortium") acquired 6,788,373 Busby shares ("the
acquisition") for a consideration of 120 cents per share ("the acquisition
price"). Pursuant to the acquisition, the consortium increased its holding from
29.5% to 40.7% of the issued share capital of Busby.
As, after the acquisition, the consortium is the holder of more than 35% of
the issued share capital of Busby, in terms of the Securities Regulation Code on
Take-overs and Mergers ("the Code") and the Rules of the Securities Regulation
Panel ("SRP"), a mandatory offer must be extended by the consortium to Busby
shareholders, other than the consortium and any parties acting in concert with
the consortium ("minority shareholders") to acquire, from the minority
shareholders, the remainder of their Busby shares ("the mandatory offer").
2. The terms of the mandatory offer
In terms of the Code, the mandatory offer must be extended to minority
shareholders at the same or comparable to the acquisition price.
3. Conditions precedent
The mandatory offer will be subject to the requisite regulatory approvals
being obtained from the JSE Securities Exchange South Africa and the SRP.
4. Further announcements
An announcement containing the detailed terms and dates of the mandatory
offer (detailed terms announcement) will be published in due course.
Until such time as the detailed terms announcement has been published,
shareholders are advised to exercise caution when dealing in their Busby shares.
Sandton
11 March 2003
Merchant bank
Investec Bank Limited
Sponsor
Investec Bank Limited
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