ALACRITY FINANCIAL SERVICES LIMITED
Registration number 1994/000078/06
Share code: ALY
ISIN code: ZAE000023966
("Alacrity" or "the company")
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to an article that appeared in the Business Report
section of The Star newspaper ("the article") on Friday, 27 June 2003, regarding
a possible acquisition of a controlling interest in the Company by Pamodzi
Investments Holdings (Proprietary) Limited ("Pamodzi").
The article contained certain factually incorrect statements pertaining to the
company and, in particular, Pamodzi"s shareholding in the company.
POSITION REGARDING PAMODZI"S SHAREHOLDING
Pamodzi"s shareholding was increased to above the level of 35% (which
constitutes the threshold for the making of a mandatory offer "an offer"), in
accordance with the provisions of the Securities Regulation Code on Takeovers
and Mergers), as a result of certain specific share repurchases made by Alacrity
from certain of its former shareholders and the subsequent cancellation of such
repurchased shares ("the transactions"). Contrary to the statement in the
article, Alacrity shareholders were fully informed, in a circular to
shareholders dated 1 November 2002, in regard to the transactions and the
consequential increase in Pamodzi"s shareholding in the company, as well as a
dispensation not to make an offer ("the dispensation") granted to Pamodzi by the
Securities Regulation Panel.
The dispensation, however, provided that, should Pamodzi acquire any further
securities in Alacrity, it shall be obliged to make an offer.
The company contacted Pamodzi in regard to the contents of the article on
Friday, 27 June 2003 and has been informed that Pamodzi has engaged in
negotiations, the result of which, if concluded successfully, may be that
Pamodzi would be required to extend an offer.
Shareholders are accordingly advised to exercise caution when dealing in their
Alacrity securities until a detailed announcement is made.
POSITION REGARDING MR MH LOBBAN
The article furthermore stated that Mr MH Lobban resigned as a director of
Alacrity, whilst Alacrity"s announcement (dated 17 June 2003) clearly stated
that, although he has relinquished his position as chief executive officer as a
result of having accepted a position with the Imperial Group, Mr Lobban will
remain a non-executive director of the company.
Johannesburg
27 June 2003
Corporate advisor and Sponsor
Quaestor Capital (Proprietary) Limited
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