| Thu 28 Aug 2003, 16:14 | | Adjournment Of General Meeting, Directors And Furt |
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EC-Hold Limited - Adjournment Of General Meeting, Directors And Further
Cautionary Announcement
EC-Hold Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/020093/06)
Share code: ECH ISIN: ZAE000016705
("EC-Hold" or "the Company")
ADJOURNMENT OF GENERAL MEETING, DIRECTORS AND FURTHER CAUTIONARY ANNOUNCEMENT
1. Adjournment of general meeting
Shareholders are referred to the circular to EC-Hold shareholders dated 30
July 2003 ("the circular"), relating to a requisition by certain minority
shareholders of EC-Hold, being Republic Nominees (Proprietary) Limited and
Standard Bank Nominees (Proprietary) Limited (collectively referred to as "the
requisitioning shareholders") in terms of Section 181 (1)(a) of the Companies
Act, Act 61 of 1973, as amended, for a general meeting of EC-Hold shareholders
to consider various resolutions proposed by the requisitioning shareholders.
Shareholders are advised that, at the general meeting of shareholders of the
Company held on Thursday 28 August 2003, pursuant to a formal request by the
requisitioning shareholders, the general meeting was adjourned to 09:00 on
Monday, 15 September 2003, to be held at the registered offices of EC-Hold, MGX
House, 22 Milkyway Avenue, Linbro Business Park, Sandton, 2065, on which date
shareholders will be requested to consider and vote on the ordinary resolutions
contained in the circular.
2. Directors
Pursuant to the resignation of Messrs. P H Flack and A D Moffat from the EC-
Hold Board during June 2003, there are only two remaining Board members. The
Company is at present committed to appointing two non-executive directors in
order to increase the EC-Hold Board to at least four directors in order to
comply, inter alia, with governance recommendations of the King II Report.
Interested parties not connected to EC-Hold or MGX Holdings Limited ("MGX") who
are interested in serving on the EC-Hold Board are invited to submit their
details to the Company Secretary of EC-Hold for consideration.
3. Further cautionary
Shareholders have been advised of the interaction between MGX, The Mandy
Rebecca Price Trust and the Securities Regulation Panel ("SRP") relating to a
possible offer to certain of the shareholders of EC-Hold. The Company has been
advised that MGX intends to actively engage with the SRP with a view to
achieving an appropriate settlement which may form part of the court sanctioned
restructure of MGX to be proposed to its shareholders and creditors shortly. In
particular, shareholders are referred to the previous cautionary announcements
of 25 July 2003, 10 July 2003 and 19 May 2003.
EC-Hold has been informed that MGX is considering its alternative courses of
action that could be taken as a result of the SRP ruling of 19 March 2002.
Accordingly, EC-Hold shareholders are advised to continue to exercise caution
when dealing in their shares until a further announcement is made.
Sandton
28 August 2003
Sponsor
Brait Sponsors (Proprietary) Limited
(Registration number 2000/031069/07)
Legal advisor
Webber Wentzel Bowens
Corporate advisor
Brait
Date: 28/08/2003 04:03:22 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
