MUTUAL & FEDERAL INSURANCE CO LIMITED - FULFILMENT OF CONDITIONS PRECEDENT:
OFFER FOR THE ENTIRE ISSUED SHARE CAPITAL OF CGIC BY MUTUAL & FEDERAL
MUTUAL & FEDERAL INSURANCE CO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1970/006619/06)
("Mutual & Federal")
JSE Share Code: MAF
ISIN: ZAE000010823
NSX Share Code: MTF
Credit Guarantee Insurance Corporation of Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1956/000368/06)
("CGIC")
(Not listed)
FULFILMENT OF CONDITIONS PRECEDENT: OFFER FOR THE ENTIRE ISSUED SHARE CAPITAL OF
CGIC BY MUTUAL & FEDERAL
CGIC shareholders are referred to the announcement dated 15 July 2003, which
related to the offer (the "Offer") made by Mutual & Federal to acquire those
CGIC shares that it did not already own. Mutual & Federal is pleased to announce
that the Competition Tribunal and the Financial Services Board (Registrar of
Short Term Insurance) have unconditionally approved the implementation of the
Offer. Accordingly, the Offer is declared unconditional as to acceptances and as
set out in the circular to CGIC shareholders dated 20 June 2003:
* the Offer will now remain open until 17h00 on Friday 21 November 2003;
* CGIC shareholders may still submit acceptances of the Offer until the
expiry of the two week period mentioned above; and
* Mutual & Federal will make payment to CGIC shareholders who accept the
Offer in this period on the earlier of Monday 24 November 2003 or seven
days after the receipt of the duly completed relevant acceptance forms.
CGIC shareholders who accepted the Offer prior to this announcement will be
settled imminently.
Johannesburg
6 November 2003
Investment Bank to the transaction and joint sponsor to Mutual & Federal:
Nedbank Corporate
Corporate law advisers and consultants to Mutual & Federal:
Edward Nathan & Friedland
Joint sponsor to Mutual & Federal:
Merrill Lynch
Independent advisors to the shareholders of CGIC:
Deloitte & Touche Corporate Finance
Date: 06/11/2003 12:44:03 PM Produced by the JSE SENS Department
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