New Africa Investments Limited - Update To Caution
New Africa Investments Limited - Update To Cautionary Announcement
Release Date: 05/08/2003 17:21:38 Code(s): NAI
NEW AFRICA INVESTMENTS LIMITED - UPDATE TO CAUTIONARY ANNOUNCEMENT
NEW AFRICA INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
Share codes: NAI and NAN
ISIN: ZAE00033338 and ZAE00033346
("NAIL")
Update to cautionary announcement
NAIL recently initiated a bidding process, which was more fully described in
recent press announcements. In a press announcement on 25 July 2003, NAIL
indicated that parties who had subscribed to this bidding process should, by 1
August 2003, submit their "indicative bids" as contemplated in the process
communicated to them. In such announcement, NAIL also provided particulars of
the receipt of a firm intention to make an offer from a consortium comprising
Investec Bank Limited, Tiso Private Equity Fund, Safika Holdings (Proprietary)
Limited and Mineworkers Investment Company (Proprietary) Limited ("the
consortium").
On 1 August 2003 and in terms of the aforementioned bidding process, NAIL
received a number of non-binding indicative offers, which are currently being
evaluated by the delegated sub-committee of the NAIL board.
NAIL will, in accordance with details communicated to the individual
indicative bidders, be affording selected indicative bidders as well as the
consortium the opportunity of conducting due diligence investigations.
A further announcement will be made in due course and in the interim
shareholders are advised to continue to exercise caution in their dealings in
NAIL shares.
6 August 2003
Corporate adviser and sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Ltd
(Registration number 1970/003711/07)
Corporate law adviser and consultant to NAIL
EDWARD NATHAN & FRIEDLAND (PTY) LTD
Corporate Law Advisers and Consultants
(Registration number 1999/026464/07)
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
