Kunene Bros." shareholding in Glenrand MIB
Glenrand MIB Limited
Incorporated in the Republic of South Africa
Registration number 1997/008001/06
JSE code: GMB
ISIN: ZAE000018529
("Glenrand MIB" or "the company")
Kunene Bros. Holdings (Proprietary) Limited
Incorporated in the Republic of South Africa
Registration number 1994/005415/07
("Kunene Bros.")
Kunene Bros." shareholding in Glenrand MIB
As announced on 19 June 2003, Kunene Bros., which in the previous financial year
acquired a 6,2% interest in Glenrand MIB, decided not to convert into ordinary
shares the 7 375 802 convertible redeemable preference shares of 0,01 cent each
("B preference shares") that it held. Conversion of the B preference shares
would, together with its current holding, have resulted in Kunene Bros. holding
9,3% of Glenrand MIB"s issued share capital.
Glenrand MIB also stated on 19 June 2003 that resolutions would be put before
shareholders at the company"s forthcoming annual general meeting that, if
approved, would have the effect of granting Kunene Bros. the right to acquire
through a subscription 7 375 802 ordinary shares on the same basis as a
conversion of B preference shares.
In view of the anticipated financial services charter, the company, together
with Kunene Bros., consider that it is inappropriate at this time to pursue a
transaction where Kunene Bros. increase their interest in Glenrand MIB to
approximately 9,3% as originally intended. The company is currently considering
the approach it should take to enhance the equity participation of BEE
shareholders in Glenrand MIB for the benefit of all stakeholders. An
announcement will be made in this regard in due course.
Johannesburg
26 September 2003
Investment Bank and Sponsor to Glenrand MIB
Nedbank Corporate
Date: 26/09/2003 10:27:33 AM Produced by the JSE SENS Department
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