Conversion of B preference shares into ordinary sh
Glenrand M.I.B -
Glenrand M.I.B Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB ISIN : ZAE000018529
("Glenrand M.I.B")
Conversion of B preference shares into ordinary shares
As set out in an announcement and a circular to shareholders dated 15 September
2000 and 13 October 2000 respectively, the KBH group subscribed for 22 127 406
convertible redeemable preference shares of 0.01 cent each in Glenrand MIB ("B
preference shares") on 4 December 2000. Each B preference share entitled the
KBH group to convert such B preference share into an ordinary share at a 20%
discount to the 30 day volume weighted average price of Glenrand MIB"s ordinary
shares for the period immediately preceding the date such conversion took place,
subject to a minimum conversion price ("minimum price") of 215 cents per
Glenrand MIB share. On 21 May 2002 it was announced that the KBH group would be
exercising its right to convert 14 751 604 B preference shares into ordinary
shares ("the conversion"). The new ordinary shares issued pursuant to the
conversion were listed on the JSE Securities Exchange South Africa ("JSE") on
Wednesday, 22 May 2002.
The KBH group was entitled to exercise its right to convert its remaining 7 375
802 B preference shares ("the remaining B preference shares") into ordinary
shares during the period 1 March 2003 to 31 May 2003 ("the conversion period").
The KBH group did not exercise this right as Glenrand MIB"s shares traded near
to or below the minimum price on the JSE during the conversion period. KBH"s
right to convert the remaining B preference shares into ordinary shares has
accordingly lapsed and, as initially agreed, Glenrand MIB will redeem the
remaining B preference shares at the par value of the B preference shares of
0.01 cents each.
At the forthcoming annual general meeting to be held on 12 November 2003,
Glenrand MIB shareholders will be asked to consider and, if deemed fit, approve
a resolution that will have the effect of granting the KBH group the right to
acquire through a subscription 7 375 802 ordinary shares on the same basis as a
conversion of B preference shares during the period 1 March 2004 to 31 May 2004.
Johannesburg
19 June 2003
Sponsor
Nedbank Corporate
A division of Nedbank Limited
(Registration number 1951/000009/06)
Date: 19/06/2003 11:58:04 AM Supplied by www.sharenet.co.za
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