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IMR - PROPOSED RIGHTS OFFER BY IMR TO RAISE UP TO R4,9 MILLION
IMR INVESTMENTS LIMITED
(Formerly The Appleton Group Limited)
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: IMR ISIN: ZAE000027470
("IMR" or "the company")
PROPOSED RIGHTS OFFER BY IMR TO RAISE UP TO R4,9 MILLION
1. Introduction
The board of directors of IMR has resolved to proceed with a renounceable rights
offer of 82 159 650 new IMR ordinary shares of 1 cent each ("new shares") in the
ratio of 3 new shares for every 1 share held, at an issue price of 6 cents per
share, in order to raise up to R4 929 579, before expenses ("the rights offer").
The proceeds of the rights offer will be used to strengthen the company"s
balance sheet and to provide the company with capital necessary to pursue future
investment opportunities. The rights offer has not been underwritten.
2. Application for the listing of IMR shares and letters of allocation on the
JSE Securities Exchange South Africa ("the JSE")
IMR has made application to the Listings Committee of the JSE for the listings
of:
- 82 159 650 renounceable (nil paid) letters of allocation; and
- a maximum of 82 159 650 new ordinary shares to be issued pursuant to
the rights offer.
3. Conditions precedent
The implementation of the rights offer is subject to the following outstanding
conditions precedent:
* the JSE Securities Exchange South Africa ("the JSE") granting a listing
for the 82 159 650 letters of allocation and a maximum of 82 159 650 new
shares to be issued pursuant to the rights offer;
* approval of the Exchange Control department of the South African Reserve
Bank to the extent necessary, and
* the Registrar of Companies registering the rights offer documentation.
4. Salient dates for participation in the rights offer
The last date to trade in IMR shares in order to be entitled to participate in
the rights offer is Thursday, 18 September 2003 for settlement by the record
date being Friday, 26 September 2003. Subject to the approval of the JSE, it is
anticipated that the letters of allocation will be listed on the JSE with effect
from the commencement of trade on Friday, 19 September 2003, on which date the
IMR shares will trade "ex-rights". These dates may be subject to change, and
any such change will be announced in the press and on SENS.
5. Documentation
A circular to shareholders, incorporating revised listing particulars of IMR,
giving full details of the rights offer ("the circular"), is being finalised and
will be mailed to IMR shareholders in due course. A form of instruction in
respect of a letter of allocation will be enclosed with the circular for use by
IMR shareholders who have not dematerialised their IMR shares.
Johannesburg
29 August 2003
Sponsor Coporate law advisers and
consultants
Merchant Sponsors Edward Nathan & Friedland
Joint corporate advisors Reporting accountants and
auditors
Merchantec IMR Investments Deloitte & Touche
Limited
Date: 29/08/2003 05:10:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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