Withdrawal of offer and further cautionary announc
Zarara Energy Limited - Withdrawal of offer and further cautionary announcement
Zarara Energy Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/001078/06)
Share code: ZRR ISIN:ZAE000033080
("Zarara" or "the Company")
Withdrawal of offer and further cautionary announcement
Shareholders are referred to the announcement dated 6 November 2003 recording
the revised terms of the scheme of arrangement in terms of section 311 of the
Companies Act, 1973 (Act 61 of 1973), as amended, which Northridge Field
Operations (Proprietary) Limited ("Northridge") intended to propose between
Zarara and its shareholders ("scheme"), to acquire all of the shares held by
such shareholders for a cash consideration of 13 cents per share plus an
additional deferred payment.
Shareholders are now advised that the board of directors of Zarara ("Zarara
board") has been informed by Corporate Solutions (Proprietary) Limited
("Corporate Solutions"), which claims to represent a consortium of shareholders
("shareholder group") holding more than 5 021 000 shares in Zarara being 25% of
the Company"s issued share capital, that the shareholder group intends to vote
against the scheme. In order for it to be implemented, the scheme requires,
inter alia, the approval of 75% of the votes cast by shareholders present and
voting at the scheme meeting. Northridge has therefore notified the Zarara
board that, although the authority of Corporate Solutions to represent the
shareholder group has not been demonstrated to the Zarara board, it is
withdrawing its intended proposal of the scheme.
As referred to in the announcement dated 6 November 2003, shareholders are
advised that until the annual results of the Company for the year ended 30
September 2003 are published, they should continue to exercise caution in
dealing in the Company"s securities.
Krugersdorp
25 November 2003
Corporate adviser and sponsor
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited (Registration
number 1970/003711/07)
Attorneys
Cliffe Dekker
Date: 25/11/2003 04:08:02 PM Supplied by www.sharenet.co.za
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