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Amalgamated Appliance Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1997/004130/06)
Share code AMA ISIN ZAE000012647
("AMAP")
RESULTS OF GENERAL MEETING
1. On Wednesday, 12 February 2003 shareholders were advised of the conditional
partial offer by Salton Hong Kong Limited ("Salton") to all AMAP shareholders
other than Salton ("the AMAP minority shareholders") to acquire a portion of
their AMAP shares ("the offer"). It is Salton"s intention to acquire a further
21,2% of the issued share capital of AMAP, equivalent to 30,6% of each AMAP
minority shareholder"s holding, for a cash consideration of 125 cents per share.
The offer is conditional on, inter alia, the approval by a simple majority of
the AMAP minority shareholders of the resolution to waive the requirement for
Salton to make a mandatory offer to the AMAP minority shareholders ("the waiver
resolution"). This obligation will arise as a result of the purchase by Salton,
pursuant to the offer, of such number of AMAP shares as shall constitute Salton
the holder of more than 35% of AMAP"s issued share capital.
Shareholders are advised that the waiver resolution was approved at the general
meeting, held on Thursday, 27 March 2003, by the requisite number of AMAP
minority shareholders.
The following conditions precedent remain outstanding:
* AMAP minority shareholders irrevocably accepting the offer in respect of
21,2% of the issued share capital of AMAP by the closing date; and
* approval of the Competition Commission.
2. Salient dates
Following the approval of the waiver resolution at the general meeting,
shareholders are reminded of the following salient dates and times pertaining to
the offer:
2003
Last day for AMAP minority shareholders to
trade in AMAP shares on the JSE to be eligible
to participate in the offer Wednesday, 23 April
AMAP shares will trade ex the offer Thursday, 24 April
Record date for the purposes of participating in the offer Friday, 2 May
Offer closes at 16:00 Friday, 2 May
Results of the offer released on SENS Monday, 5 May
Dematerialised AMAP minority shareholders who have
accepted the offer will have their accounts with their
CSDP or broker credited Monday, 5 May
Cheques in respect of those AMAP minority shareholders
who have accepted the offer will be mailed on or about Monday, 5 May
Johannesburg
27 March 2003
Independent advisor and sponsor
BRIDGE CAPITAL
Corporate law advisors and consultants to AMAP
EDWARD NATHAN & FRIEDLAND (PTY) LTD
Corporate Law Advisers& Consultants
(Registration number 1999/026464/07)
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