Mettle Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/010795/06)
JSE Share code: MEL ISIN: ZAE000028569
("Mettle" or "the company")
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement published on 20 February 2003
shareholders are advised that Hosken Consolidated Investments Limited ("HCI")
has indirectly acquired an additional 38 483 442 shares in the issued share
capital of Mettle ("the subject acquisition") at 43 cents per share, resulting
in HCI"s indirect shareholding in Mettle increasing to 283 007 671 shares,
representing 52,1% of the entire ordinary issued share capital of Mettle.
In terms of an undertaking given to the Securities Regulation Panel ("SRP"),
pursuant to a dispensation granted by the SRP at the time that Mettle initiated
its share repurchase program, HCI is obliged to make an unconditional offer to
all the other Mettle shareholders ("minority shareholders"), to purchase from
such minority shareholders all the shares in the issued share capital of Mettle
held by them, or such lesser number of shares as such minority shareholder wish
to sell. The executive committee of the SRP, has ruled that the offer to be
extended to Mettle"s minority shareholders be at a price of 50 cents per share.
Accordingly, shareholders are advised to exercise caution when dealing in the
company"s securities until a full announcement is made.
Illovo
20 March 2003
Corporate Advisor to Mettle Sponsor
-Mettle Equity Division- -Exchange Sponsors-
Attorneys Corporate Advisor to HCI
-Prinsloo, Tindle & Andropoulos Inc- -HJS Advisory Services-
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