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AMB - PROPOSED DELISTING OF AMB
AMB Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/003054/06)
Share code: AMB ISIN code: ZAE 000029682
("AMB")
PROPOSED DELISTING OF AMB
1. INTRODUCTION
AMB shareholders are referred to the announcement in the press dated 6 August
2003 relating to a conditional offer by Heywood Investments (Pty) Limited
("Heywood") to the AMB shareholders, other than Heywood and AMB Financial
Services (Pty) Limited (the holder of 9 533 369 AMB shares held
as treasury shares), to acquire all of their shares in AMB for a cash
consideration of 770 cents per share ("the offer"), subject to the receipt by
Heywood of the unconditional and unqualified approval of the Competition
Authorities ("the offer condition precedent").
Provided that the board of directors of AMB ("the AMB board") receives an
independent opinion that the terms of the offer are fair and reasonable (and the
AMB board has appointed an independent adviser in this regard), the AMB board
will in addition propose that, subject to the offer becoming unconditional and
subject to the requisite approval of AMB shareholders being obtained in general
meeting, the ordinary shares of AMB be delisted ("the proposed AMB delisting")
from the JSE Securities Exchange South Africa ("the JSE").
2. THE PROPOSED AMB DELISTING
2.1 Rationale for the proposed AMB delisting
Bearing in mind the potentially limited public spread of AMB shareholders that
will exist subsequent to implementation of the offer, the costs of maintaining
AMB"s listing will be prohibitively high, and unjustifiable in view of the lack
of benefits associated therewith and the concerted efforts recently made to
reduce AMB"s cost base. On the assumption that an independent opinion that the
terms and conditions of the offer are fair and reasonable is received, and
provided that the offer becomes unconditional, the AMB board is of the view that
it is in the best interests of AMB shareholders that AMB is delisted.
2.2 Conditions precedent to the proposed AMB delisting
The proposal to delist AMB is subject to:
2.2.1 the receipt of an independent opinion by the AMB board that the terms of
the offer are fair and reasonable;
2.2.2 the fulfillment of the offer condition precedent; and
2.2.3 the passing by the requisite majority of AMB shareholders at a general
meeting ("the AMB general meeting") of the resolution approving such delisting.
3. THE AMB GENERAL MEETING
Subject to the fulfilment of the conditions precedent set out in paragraph
2.2.1 above, a general meeting of AMB shareholders will be convened for the
purpose of considering and, if deemed fit, passing with or without modification,
the resolutions necessary to approve and implement the proposed AMB delisting.
In terms of the Companies Act, No 61 of 1973, as amended, AMB Financial Services
(Pty) Limited, which is a wholly owned subsidiary of AMB and the holder of 9 533
369 AMB shares held as treasury shares, will be precluded from voting at the AMB
general meeting.
4. CIRCULAR TO AMB SHAREHOLDERS
A circular giving details of the offer and the proposed AMB delisting is in
the course of preparation and will, subject to the approval of the JSE, the
Securities Regulation Panel and the South African Reserve Bank, be posted to AMB
shareholders in due course. A further announcement regarding the salient dates
will be made on or about the date on which the circular is posted.
Illovo
29 August 2003
Corporate adviser and joint sponsor to AMB
AMB Advisory Services Limited
Registration number 1996/016470/06
Legal adviser to AMB
WEBBER WENTZEL BOWENS
Lead sponsor to AMB
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Corporate adviser to Heywood
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Legal adviser to Heywood
Jowell, Glyn & Marais Inc
(Registration number 1990/000849/21)
Date: 29/08/2003 04:24:23 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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