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Gencor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/001232/06)
Share code: GMF
ISIN: ZAE000013066
("Gencor" or "the Company")
Announcement to shareholders
1. Further to the announcement dated 10 June 2003, Gencor is pleased to announce
that the unbundling of all of its shares in the capital of Impala Platinum
Holdings Limited ("Implats"), namely 30 605 722 Implats ordinary shares ("the
unbundling"), became unconditional on 18 June 2003.
2. Accordingly, the two settlement agreements signed between Gencor and all of
the claimants who had sought to prevent the unbundling and all of these
claimants" legal representatives, became unconditional on that date. In terms of
those agreements, in full and final settlement of all claims and potential
claims and without any admission of liability, Gencor has paid a total amount of
R460 500 000 to various trusts.
3. Of this amount of R460 500 000, an amount of R40 000 000 was specifically
held available for rehabilitation claims. Prior to the unbundling becoming
unconditional, Gencor met with representatives of the Department of Mineral and
Energy Affairs ("the Department") and agreed, without any admission of
liability, to the transfer of R35 000 000 of the R40 000 000 set aside for
rehabilitation claims, to a trust to be established and administered by the
Department, in full and final settlement of any rehabilitation claims that the
Government may have against Gencor. This agreement is subject to the approval of
the trustees of the Asbestos Relief Trust.
4. Shortly before the unbundling became unconditional, Gencor received a claim
for alleged rehabilitation from lawyers representing a tribal community. Gencor
does not believe it is liable for any amounts under these claims. In order to
ensure the unbundling took place without interference, Gencor, without admission
of liability, agreed with these claimants to hold aside an amount of R35 000 000
of its cash resources remaining after the unbundling for this claim should it be
proved to be valid, subject to Gencor"s rights to have this amount reduced or
set aside by order of Court. Gencor will deal with this claim in the ordinary
course of its business.
5. Gencor has now entered its final phase as a company and the directors are
considering various proposals in relation to the winding down of the Company.
Shareholders will be informed as to the proposals in due course.
6. It is accordingly the intention of the Gencor Board not to declare any
further dividends at this stage. Any change to this policy will be notified to
shareholders in due course.
Johannesburg
30 June 2003
Sponsors
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys
WEBBER WENTZEL BOWENS
Communications
Baird"s Renaissance (Pty)Ltd
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