| Wed 30 Apr 2003, 16:21 | | Salient dates for the offer to shareholders at 50 |
|
Mettle -
the proposed delisting:
Mettle Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/010795/06)
JSE Share code: MEL ISIN: ZAE000028569
("Mettle")
Salient dates for the offer to Mettle shareholders at 50 cents per share and the
proposed delisting of Mettle
1. INTRODUCTION
It was announced in the press on 26 March 2003 that Hosken Consolidated
Investments Limited ("HCI") is required to make an offer to Mettle"s minority
shareholders at a price of 50 cents per share ("offer price") and that the Board
of directors of Mettle ("the Board") has resolved to delist the shares of Mettle
from the JSE Securities Exchange South Africa ("JSE"). It was also announced
that the Board propose a specific share repurchase by Mettle from all Mettle
shareholders at the offer price ("the repurchase offer").
In the event that the repurchase offer is not implemented for whatsoever reason,
an alternative offer will be deemed to have been made by HCI to all the minority
shareholders.
2. SALIENT DATES AND TIMES
The salient dates and times in respect of the proposed delisting and offer are
set out below:
2003
Circular posted to Mettle Friday, 2 May
shareholders on
Offer opens at 9:00 on Friday, 2 May
Last date to lodge proxies for the Monday, 26 May
general meeting of Mettle
shareholders at 14:00 on
General meeting of Mettle Wednesday, 28 May
shareholders to be held at 14:00 on
Results of general meeting announced Wednesday, 28 May
on SENS on
Results of the general meeting Thursday, 29 May
published in press on
Last day to trade in Mettle shares Friday, 6 June
Listing of Mettle shares on the JSE Monday, 9 June
suspended at commencement of trade on
Offer closes at 16:00 on (see note 3) Friday, 13 June
Offer consideration cheques posted to Tuesday, 17 June
Mettle certificated shareholders, or
offer consideration credited to
dematerialised shareholders accounts
at CSDP or broker on (see note 2)
Results of offer announced on SENS on Tuesday, 17 June
Results of offer announced in press Wednesday, 18
on June
Listing of Mettle on the JSE Wednesday, 18
terminated at the commencement of June
trade on
Notes
1. The above dates and times are subject to amendment. Any change will be
published on SENS and in the press.
2. Certificated shareholders who wish to accept the offer before the closing
date should deliver their documents of title and completed forms of surrender to
the transfer secretaries and cheques will be issued or electronic payments made
within five business days of receipt thereof. Dematerialised shareholders who
wish to accept the offer before the closing date should instruct their CSDP or
broker accordingly. This should be done in terms of the agreement entered into
between such shareholders and their CSDP or broker. The relevant CSDP or broker
will be credited with the amounts due to the dematerialised shareholders within
five business days of receipt of acceptance from the relevant CSDP or broker.
Notwithstanding the foregoing, payment shall, in either of the abovementioned
circumstances, be affected by not later than Tuesday, 17 June 2003. Should the
offer period be extended, payments will be affected by not later than the
extended payment date.
3. Dematerialised shareholders who wish to accept the offer should instruct
their CSDP or broker accordingly. This should be done in terms of the agreement
entered into between such shareholders and their CSDP or broker.
4. Share certificates may not be dematerialised after Friday, 6 June 2003.
3. CIRCULAR TO SHAREHOLDERS
A circular to Mettle shareholders, containing full details of the repurchase
offer, the alternative offer, information regarding the proposed delisting and
offer and incorporating a notice of general meeting to approve the delisting and
repurchase offer, will be posted to Mettle shareholders on 2 May 2003.
Illovo
30 April 2003
Corporate Advisor to Mettle Sponsor
-Mettle Equity Division- -Exchange Sponsors-
Attorneys Corporate Advisor to HCI
-Prinsloo, Tindle & Andropoulos Inc- -HJS Advisory Services-
Reporting accountants and auditors Independent advisor to Mettle shareholders
-PricewaterhouseCoopers- -Deloitte & Touche-
