Results Of The Mandatory Offer For The Entire Issu
Credit Guarantee Insurance Mutual & Federal Insurance Co Limited
Corporation of Africa Limited
(Incorporated in the Republic of (Incorporated in the Republic of South
South Africa) Africa)
(Registration number (Registration number 1970/006619/06)
1956/000368/06)
("CGIC") ("Mutual & Federal")
(Not listed) JSE Share Code: MAF NSX Share Code: MTF
ISIN: ZAE000010823
RESULTS OF THE MANDATORY OFFER FOR THE ENTIRE ISSUED SHARE CAPITAL OF CGIC BY
MUTUAL & FEDERAL
CGIC shareholders are referred to the offer ("the Offer") made by Mutual &
Federal to acquire those CGIC shares that it did not already own ("the offer
shares"). Mutual & Federal has received acceptances in respect of 434 400 offer
shares which would result in Mutual & Federal holding an aggregate shareholding
of 50.98% of the entire issued share capital of CGIC. Accordingly, as set out in
the circular to CGIC shareholders dated 20 June 2003:
- it is necessary to seek the approval of the Financial Services Board
(Registrar of Short Term Insurance) and the Competition Commission for the
implementation of the Offer ("the conditions precedent");
- the Offer will now remain open for at least two weeks after the last of the
conditions precedent is fulfilled;
CGIC shareholders may still submit acceptances of the Offer until the expiry of
- the two week period mentioned above; and
- Mutual & Federal will only pay those shareholders who have accepted the Offer
once it becomes unconditional.
Shareholders will be notified in the press regarding the fulfilment of the
conditions precedent and the closing of the Offer.
Johannesburg
15 July 2003
Investment Bank to the Corporate law advisers and
transaction consultants to
and joint sponsor to Mutual & Mutual & Federal
Federal
Nedbank Corporate Edward Nathan & Friedland
Joint sponsor to Mutual & Independent advisors to the
Federal shareholders
Of CGIC
Merrill Lynch Deloitte & Touche Corporate
Finance
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