Zarara -
Zarara Energy Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/001078/06)
Share code: ZRR ISIN:ZAE000033080
("Zarara" or "the Company")
UPDATED CAUTIONARY ANNOUNCEMENT
Zarara shareholders are referred to the cautionary announcement dated 16
September 2003 and are advised that the board of directors of Zarara has
received an offer and a firm intention to make an offer to acquire the entire
issued share capital of Zarara from two separate offerors.
Offer by Northridge Field Operations (Proprietary) Limited ("Northridge")
Northridge has offered to acquire the entire issued share capital of Zarara for
a cash consideration of 12 cents per share. The offer is conditional upon the
obtaining of the normal regulatory approvals required in a transaction of this
nature.
Offer by Buccoli Investments CC ("Buccoli")
Buccoli has notified the board that it intends to make an offer to acquire the
entire issued share capital of Zarara for a cash consideration of 11 cents per
share. The offer will be conditional upon, inter alia, the following:
- irrevocable undertakings to accept the offer being received from Zarara
shareholders holding at least 60% of the entire issued share capital of Zarara
by no later than 17h00 on Tuesday, 7 October 2003;
- the satisfactory completion of a due diligence investigation in respect of
Zarara and its subsidiaries; and
- the obtaining of the normal regulatory approvals required in a transaction
of this nature.
Whilst the two offers are being evaluated, shareholders are advised to continue
to exercise caution when dealing in the Company"s shares until such time as a
full announcement is made by the Company.
Krugersdorp
2 October 2003
Corporate adviser and sponsor to Zarara
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
(Registration number 1970/003711/07)
Attorneys to Zarara
Cliffe Dekker
Date: 02/10/2003 10:50:02 AM Supplied by www.sharenet.co.za
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