Explorer - Declaration of Dividend-In-Specie
EXPLORER CORPORATION HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010950/06)
("Explorer" or "the company")
Share code: EPL ISIN: ZAE000017489
DECLARATION OF DIVIDEND-IN-SPECIE
The board of directors has resolved to distribute 100% of Explorer"s shares in
Explorer Corporation (Proprietary) Limited ("the subsidiary") by way of a
dividend-in-specie ("dividend") distribution to its shareholders. To enable the
distribution of the dividend to shareholders the subsidiary has been converted
to a public company and its share capital has been sub-divided to mirror that of
Explorer. Accordingly shareholders in Explorer will receive shares in the
subsidiary on the basis of 1 unlisted share for every 1 share held in Explorer.
The shareholders will retain their existing shares in Explorer, which will
remain listed, and will own the same number of shares in a public unlisted
company. The rationale for the dividend is to remove the loss making businesses
from the listed entity to allow Explorer to maximise its earnings potential and
the share price of the company"s securities, as well as to apply for a listing
on the Main Board.
The last day to trade "Cum" dividend will be Friday, 12 September 2003
"Ex" dividend trade will commence on Monday, 15 September 2003
and the record date will be Friday, 19 September 2003.
Share certificates in the unlisted company will
be posted to all shareholders on or about Monday, 22 September 2003.
Share certificates may not be dematerialised or rematerialised from Monday, 15
September 2003 to Friday, 19 September 2003, both days inclusive.
In terms of the Exchange Control Regulations of the Republic of South Africa,
all shareholders that are resident outside the Common Monetary Area and entitled
to receive shares in the unlisted company, such shares will be endorsed "Non-
Resident".
Shareholders in the unbundled subsidiary will continue to be informed of major
developments within the subsidiary as well as in accordance with the
requirements of the Code of the Securities Regulation Panel. The share register
will continue to be managed by Computershare Limited until further notice.
By order of the board
Johannesburg
25 August 2003
Arcay Group Limited
Transaction Sponsor
Date: 25/08/2003 10:42:12 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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.
