Dealings in securities of Lyons Financial Solution
Icarus Nominees (Proprietary) Limited
(trading as Icarus Investment Corporation)
(Registration number 2001/014087/07)
("Icarus")
Dealings in securities of Lyons Financial Solutions Holdings
Limited ("Lyons")
1. Introduction:
Lyons shareholders are referred to the announcement released on the Securities
Exchange News Service of the JSE Securities Exchange South Africa ("the JSE") on
Tuesday, 19 August 2003 in which Icarus announced its firm intention to make an
offer to the minority shareholders of Lyons ("Lyons minority shareholders") in
terms of section 440 of the Companies Act, 1973 (Act 61 of 1973) to acquire the
balance of the issued shares (cum any distributions) in Lyons that it does not
already own at an offer price of 5 cents per Lyons share subject to the approval
of the relevant regulatory authorities being received, including but not limited
to the JSE, the Securities Regulation Panel and the Competition Authorities
("the offer").
2. Fulfilment of conditions precedent:
Lyons minority shareholders are advised that all of the conditions precedent to
the offer have been fulfilled and accordingly, the offer is unconditional.
3. Dealings in Lyons securities:
On Monday, 29 September 2003 and on Tuesday, 30 September 2003 Icarus acquired a
further 15,546,726 and 43,478,815 Lyons shares respectively on the JSE for a
cash consideration of 5 cents per share and as a result Icarus has increased its
interest in the issued share capital of Lyons to 53.2%.
It is the intention of Icarus to continue to acquire Lyons shares as and when
they become available on the JSE prior to the opening of the offer.
4. Circular to Lyons shareholders:
A circular to Lyons shareholders setting out the salient dates and detailed
terms of the offer and the response of the board of directors of Lyons to the
offer is anticipated to be posted to Lyons minority shareholders on or about
Friday, 3 October 2003.
By order of the board
Sandton
29 September 2003
Date: 30/09/2003 05:35:03 PM Produced by the JSE SENS Department
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