NEW AFRICA INVESTMENTS LIMITED -
new africa investments limited
(Incorporated in the Republic of South Africa)
(Registration Number 1993/002467/06)
Share codes: NAI and NAN
ISIN: ZAE00012134 and ZAE00011946
("NAIL")
Announcement of amended terms of a firm intention to make an offer and
cautionary announcement
In an announcement which appeared in the press on 25 July 2003, NAIL announced
that it had received notification of a firm intention to make an offer ("the
original firm intention") from a consortium comprising Investec Bank Limited,
TISO Private Equity Fund, Safika Holdings (Proprietary) Limited and Mineworkers
Investment Company (Proprietary) Limited ("the consortium"), details of which
original firm intention were set out in that announcement.
In accordance with its obligations in terms of the Securities Regulation Code on
Takeovers and Mergers, NAIL hereby announces that it has received a letter from
the consortium in which the consortium has indicated to NAIL that the due
diligence investigation of NAIL referred to in the original firm intention has
been completed to the satisfaction of the consortium and that based on this
successful completion of the due diligence the consortium will increase the
offer contained in its original firm intention from R9,00 to R10,50 per NAIL
share, subject to the fulfilment of the remaining conditions precedent, and on
the remaining terms, contained in the original firm intention.
As previously announced, the NAIL board of directors is finalising deliberations
on the bids received by it as part of its bidding process and will consider the
consortium"s amended firm intention together with such other bids. NAIL intends
to make an announcement on the outcome of these deliberations shortly and in the
interim, shareholders are advised to continue to exercise caution in their
dealings in NAIL shares.
Johannesburg
17 September 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
(Registration number 1999/026464/07)
Date: 17/09/2003 08:56:52 AM Produced by the JSE SENS Department
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