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ADCORP HOLDINGS LIMITED - AND LAST DAY TO TRADE FOR
CAPITAL DISTRIBUTION
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1974/001804/06)
ISIN: ZAE00000139
Share Code: ADR
("the company")
RESULTS OF GENERAL MEETING AND LAST DAY TO TRADE FOR CAPITAL DISTRIBUTION
Shareholders are advised that all resolutions necessary to give effect to the
specific share repurchase and the capital reduction and capital distribution to
shareholders were passed by the requisite majority of shareholders at the Annual
General Meeting held at 12:00 on Wednesday 18 June 2003.
The specific share repurchase
Adcorp Holdings Limited will repurchase 2 255 979 of its own shares currently
held by it"s subsidiary Adcorp Management Services (Proprietary) Limited at the
value at which the subsidiary purchased the shares being R31 316 395. The
repurchase will take place on 18 June 2003 and the shares will be cancelled and
the listing on the Johannesburg Securities Exchange South Africa terminated on
19 June 2003.
The effect on earnings per share, net asset value and tangible asset value per
share is nil. The reason for this is that the shares were originally purchased
by the subsidiary in 2000 and 2001 and have been housed as treasury shares since
the purchase.
Capital reduction and capital distribution to shareholders
Shareholders approved the capital distribution to shareholders, by way of a
reduction in share premium in lieu of a dividend, equal to the amount which
directors of the company would have declared and paid out of profits in respect
of the company final dividend for the year ending 31 December 2002, for an
amount not exceeding R14 908 920. The capital distribution to be made to
shareholders equates to 37 cents per share.
Shareholders are reminded of the following salient dates relating to the capital
distribution:
* The last day to trade "cum" the capital distribution is Friday, 4 July 2003
* The shares will commence trading "ex" the capital distribution on Monday, 7
July 2003
* The capital distribution record date is Friday, 11 July 2003
* The capital distribution payment date is Monday, 14 July 2003
Shareholders may not dematerialise or rematerialise their holdings between
Monday, 7 July and Friday, 11 July 2003, both days inclusive.
18 June 2003
Johannesburg
Sponsor
RAND MERCHANT BANK
A division of FirstRand Bank Limited
CORPORATE FINANCE
Date: 18/06/2003 01:08:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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