PRIMEDIA LIMITED - SRP RULING
Primedia limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/003355/06)
JSE Share code: PMA ISIN: ZAE000035119
JSE Share code: PMN ISIN: ZAE000035127
("Primedia" or "the company")
SRP RULING : ACTIVE VALUE ("Appellant") VS MIC AND THE KIRSH
CONSORTIUM (Respondents)
This was an appeal by Active Value against the decision of the Executive
Committee of the SRP dated 13 October 2003 which, in effect upheld the decision
of the Executive Director of the SRP issued on 29 March 2000 to absolve the
Respondents from the requirements of Rule 8 of the Code of the SRP to make a
mandatory offer to Shareholders of Primedia if and when the continued
shareholding of the respondents in Primedia reached the specified percentage of
35%.
There was a cross appeal by the Respondents against that portion of the decision
of the Executive Committee which in effect deprived the Respondents of the
benefit of the proviso to Rule 8.1 of the Code of the SRP.
After full consideration of the evidence led, the documents submitted and the
oral and written arguments, the Panel has unanimously agreed to grant the
dispensation from making a mandatory offer without the limitation imposed by the
Executive Committee, so that the Respondents will have the complete benefit of
the abovementioned proviso to Rule 8.1 of the Code.
It was agreed by the parties that the SRP"s costs of the Appeal which include
the costs of the appeal to the Executive Committee, are to be borne by the
unsuccessful party; accordingly Active Value are ordered to pay the said costs
of the SRP. Such costs include the nominal costs incurred in dealing with the
successful cross appeal. The quantum of such costs will be as certified by the
Executive Director.
Sandton
27 January 2004
Sponsor
Investec Bank Limited
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