Announcement to New Africa Investments Limited ("N
Announcement to New Africa Investments Limited ("NAIL") shareholders
NAIL shareholders are referred to the Securities Regulation Panel ("SRP")
ruling, issued on SENS on 15 October 2003 ("the SRP ruling"), regarding the
offer made by Tiso, Safika, Capricorn, Investec and MIC ("the Tiso Consortium")
for all or any of the issued ordinary and "N" ordinary shares in the capital of
NAIL.
The Tiso Consortium believes that the SRP ruling, followed by the incorrect
statements made in and to the media relating to the potential price increase
above R10.50 to NAIL shareholders ("the increased offer price"), have presented
a misleading position to NAIL shareholders. As previously indicated to the SRP
prior to the SRP ruling, the Tiso Consortium had agreed that if it were ever
finally ruled by the SRP or any court that any arrangement would result in the
increased offer price in terms of Rule 13 of the Securities Regulation Code and
Rules of the Securities Regulation Panel ("the Rule 13 issue"), that arrangement
would be null and void and would not be implemented and accordingly can not
result in any price increase to NAIL shareholders who accept the offer.
Notwithstanding the fact that the Rule 13 issue will not lead to a price
increase to NAIL shareholders, the Tiso Consortium has appealed the SRP"s
decision relating to the Rule 13 issue as it believes this aspect of the SRP
ruling is incorrect.
The Tiso Consortium also believes that the SRP ruling in relation to the Rule 13
issue is based on inaccurate facts and will address these issues in its appeal
to the SRP.
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