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TOURVEST - NOTICE OF FIRM INTENTION TO MAKE AN OFFER AND FURTHER CAUTIONARY
ANNOUNCEMENT
TOURISM INVESTMENT CORPORATION LIMITED
Registration number: 1996/008144/06
Share code: TRT
ISIN: ZAE000012472
Registration number: 2000/023872/06
("Sure Holdings")
("Tourvest" or "the company")
NOTICE OF FIRM INTENTION TO MAKE AN OFFER AND FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement published by Tourvest dated 9 December
2003, the board of Sure Holdings is authorised to announce that it has been
notified in writing of the firm intention of Tourvest to make an offer to
acquire the entire issued share capital of Sure Holdings for a cash
consideration of R100.00 per share totalling R69 532 700,00. Further
consideration in cash will be paid to:
i) current franchisees of Sure Travel Ltd who are not shareholders of Sure
Holdings; and
ii) existing management of the Sure group of companies;in the total amount of R5
467 300,00.
The offer is subject to the fulfilment of the following conditions precedent:
1. the completion of a satisfactory financial and legal due diligence;
2. the approval of the Competition Authorities;
3. the execution of service agreements with key management on terms acceptable
to Tourvest;
4. the acceptance of the offer by at least 90% (ninety percent) of the
shareholders of Sure Holdings; and
5. the cancellation of the existing franchise agreement and the conclusion of a
new franchise agreement between Sure Holdings and its franchisees on terms
acceptable to Tourvest.
The Securities Regulation Panel has been satisfied that funds are available for
Tourvest to proceed with the offer.
Tourvest, or any party owned or controlled by any person acting in concert with
Tourvest, does not hold any securities in Sure Holdings.
The directors of Sure Holdings will appoint an independent adviser to advise
them on the offer. A circular will be posted to shareholders of Sure Holdings
on or about 23 January 2004.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the securities of Sure Holdings and Tourvest until a further
announcement is made.
Johannesburg
17 December 2003
Sponsor to Tourvest
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys to Sure Holdings
Mallinicks Inc
Date: 17/12/2003 04:37:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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