JASCO ELECTRONICS HOLDINGS LIMITED - HELD ON 26
MAY 2003
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share Code: JSC ISIN: ZAE000003794
("Jasco" or "the company")
RESULTS OF THE GENERAL MEETING HELD ON 26 MAY 2003
At the general meeting of Jasco shareholders held on 26 May 2003, the requisite
majorities of shareholders approved the resolutions to:
* Increase the authorized share capital of the company by the creation of 29 884
633 redeemable preference shares with a par value of 1 cent each ("the
redeemable preference shares");
* Amend the memorandum and articles of association of the company to reflect the
special rights and conditions attached to the redeemable preference shares;
* Approve the acquisition by Jasco of all the shares in Tasslelane Investments
(Proprietary) Limited from Community Investment Holdings (Proprietary)Limited
("CIH")("the acquisition"); and
* Waive the right of independent shareholders to a mandatory offer by CIH in
terms of Rule 8.7 of the Securities Regulation Code on Takeovers and Mergers.
The following suspensive conditions remain outstanding:
* The approval of the acquisition in terms of the Competition Act No 89 of 1998
as amended; and
* The registration of the special resolutions by the Registrar of Companies.
Once these suspensive conditions have been fulfilled, the ordinary shares and
redeemable preference shares to be allotted and issued by Jasco to CIH as
partial settlement of the consideration payable for the acquisition will be
allotted and issued and application will be made to the JSE Securities Exchange
South Africa ("the JSE") for the ordinary shares to be listed on the JSE.
A further announcement regarding the fulfillment of the outstanding suspensive
conditions and the listing of the ordinary shares on the JSE will be made in due
course.
Woodmead
26 May 2003
SPONSOR LEGAL ADVISORS
SASFIN BANK LIMITED BLUMENTHAL ATTORNEYS
H R LEVIN
Attorneys, Notaries and Conveyancers
Date: 26/05/2003 01:35:04 PM Supplied by www.sharenet.co.za
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