Results of general meeting and annual general meet
Kelgran Limited - Results of general meeting and annual general meeting
Kelgran Limited
(Incorporated in the Republic of South Africa)
(Registration number 1975/004595/06)
Share code: KLG ISIN: ZAE00003885
("Kelgran")
Results of general meeting and annual general meeting
Bridge Capital Services (Pty) Limited is authorised to announce that at the
annual general meeting of Kelgran shareholders held on Thursday, 17 December
2003, shareholders voted in favour of all the ordinary resolutions. On the same
day, a general meeting of Kelgran shareholders was held, and the shareholders
voted in favour of the ordinary resolutions to approve:
- the specific issue of shares for cash by Kelgran Investments (Pty) Limited
("KI"), a wholly-owned subsidiary of Kelgran, to JVK S.r.l ("JVK"), so as
to result in JVK holding 51% of the enlarged issued share capital of KI
following the implementation of the transaction;
- the agreement dated 10 August 2003, and any addendum thereto, entered into
between Kelgran, KI and JVK. In terms of this resolution, specific
approval was sought to authorise Kelgran, in terms of section 228 of the
Companies Act, 1973, to sell Kelgran"s entire interest in KI to JVK when
the option granted by Kelgran to JVK to acquire Kelgran"s entire interest
in KI is exercised; and
- that the directors be granted the authority to do all such things as may be
necessary to implement the abovementioned resolutions.
There are still a number of outstanding conditions precedent relating to the
transaction and shareholders will be notified once these conditions precedent
have been fulfilled.
19 December 2003
Sponsor
Bridge Capital Services (Pty) Limited
Attorneys to Kelgran
Deneys Reitz Inc.
Attorneys to JVK S.r.l
Webber Wentzel Bowens
Investment bank and corporate advisor to JVK S.r.l
Nedbank Corporate
Date: 19/12/2003 11:21:02 AM Supplied by www.sharenet.co.za
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