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LYONS FINANCIAL SOLUTIONS HOLDINGS LIMITED -
LYONS FINANCIAL SOLUTIONS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/022117/06)
Share code: LYS
ISIN: ZAE000024709
("Lyons" or "the company")
ICARUS NOMINEES (PROPRIETARY) LIMITED
(trading as Icarus Investment Corporation)
(Registration number 2001/014087/07)
("Icarus")
RESULTS OF OFFER ANNOUNCEMENT
Lyons shareholders are referred to the announcement published in the press on
6 October 2003 and the circular to Lyons shareholders dated 6 October 2003
regarding the unconditional offer by Icarus to Lyons minority shareholders to
acquire all of their Lyons shares for a cash consideration of 5 cents per share
("the offer").
On the closing date of the offer, being Friday, 31 October 2003, acceptances of
the offer had been received from those Lyons minority shareholders holding in
aggregate 40 174 043 Lyons shares. As a result, Icarus now holds 98,02% of the
total number of Lyons shares in issue, which also includes the Lyons shares
acquired in the open market by Icarus and parties acting in concert with it.
In accordance with section 440K(1)(a) of the Companies Act, 1973 (Act 61 of
1973), as amended ("the Act"), Icarus is not able to compulsorily acquire the
Lyons shares held by those Lyons minority shareholders who did not accept the
offer, because a number of the Lyons share were acquired in the open market and
not in terms of the offer.
As Icarus now holds greater than nine-tenths of the Lyons shares in issue, a
notice in terms of section 440K(3)(a) of the Act is required to be sent to those
Lyons minority shareholders who did not accept the offer. Such notice is in
the process of being prepared and will be posted to Lyons minority shareholders
in due course.
Lyons shareholders will be informed of the outcome of such notices and Icarus"
intentions regarding the listing of Lyons shares on the JSE Securities Exchange
South Africa.
Sandton
3 November 2003
Merchant bank to Icarus:
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Sponsor to Lyons:
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Corporate law advisers and consultants to Lyons:
Edward Nathan & Friedland (Pty) Ltd
Corporate Law advisers & Consultants
(Registration number 1999/026464/07)
Date: 04/11/2003 07:35:18 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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