| Wed 25 Jun 2003, 9:27 | | AST GROUP LIMITED - AST GROUP LIMITED - UPDATE ON |
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AST GROUP LIMITED - AST GROUP LIMITED - UPDATE ON RECAPITALISATION, AMENDMENT TO
NOTICE OF GENERAL MEETING AND FURTHER CAUTIONARY ANNOUNCEMENT
AST GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/021790/06)
Share code: AAA
ISIN: ZAE000027397
("AST" or "the Company")
UPDATE ON RECAPITALISATION, AMENDMENT TO NOTICE OF GENERAL MEETING AND FURTHER
CAUTIONARY ANNOUNCEMENT
1. Update on Recapitalisation
Shareholders were advised on 14 May 2003 that AST had agreed, as part of a
comprehensive recapitalisation plan for the business, to undertake a rights
offer, to be implemented by no later than 8 September 2003. Due to the
requirement to incorporate the Company"s audited results for the year ending 30
June 2003 in the circular to AST shareholders relating to the rights offer,
addenda to the loan and underwriting agreements signed between AST and a group
of stakeholders including Kumba Resources Limited, The Standard Bank of South
Africa Limited and Cadtech (Proprietary) Limited on 14 May 2003 ("the addenda"),
have been concluded to extend certain key dates in these agreements.
In terms of the addenda:
* the date upon which the conditions precedent to the underwriting agreement
will become unconditional has been amended from 4 July 2003 to 29 August 2003;
and
* the date by which the rights offer is to take place has been amended from 8
September 2003 to 7 October 2003.
2. Amendment to notice of general meeting
AST shareholders are hereby advised that the general meeting of shareholders
to be held on Thursday, 3 July 2003 has been postponed and will now be held in
the boardroom of the Company, Block 6, Lords Office Estates, 276 West Street,
Centurion at 09:00 on Thursday, 17 July 2003. A circular to AST shareholders,
incorporating a notice of general meeting, has today been posted to AST
shareholders. This circular supersedes the circular distributed to AST
shareholders dated 12 June 2003 and AST shareholders are therefore called upon
to ignore such previous circular. Forms of proxy are required to be returned to
the office of AST"s transfer secretaries, Ultra Registrars (Proprietary)
Limited, 5th Floor, 11 Diagonal Street, Johannesburg, 2001 (PO Box 4844,
Johannesburg, 2000) so as to arrive by no later than 17:00 on Tuesday, 15 July
2003.
3. Further cautionary announcement
Further to the cautionary announcement dated 14 May 2003, AST shareholders
are advised to continue to exercise caution when dealing in the Company"s
securities until a full announcement regarding the detailed terms of and the
timetable for the proposed rights offer is made.
Centurion
25 June 2003
Merchant bank and advisor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Sponsor
CAZENOVE South Africa (Pty) Limited
(Registration number 98/11736/07)
Member of the JSE Securities Exchange South Africa
Attorneys
Moss Morris Attorneys
Date: 25/06/2003 07:00:07 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
