VENFIN LIMITED - ACQUISITION BY VENFIN OF CONTROLLING INTEREST IN INTERVID
LIMITED ("INTERVID")
VENFIN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1948/031037/06)
Share Code: VNF
ISIN: ZAE000026498
("VenFin")
ACQUISITION BY VENFIN OF CONTROLLING INTEREST IN INTERVID LIMITED ("INTERVID")
VenFin has reached agreement with the Howard family to acquire a total of 30 248
408 Intervid shares at a price of 34 cents per share (the "Agreement"). Should
the Agreement become unconditional, VenFin"s effective shareholding in Intervid
will increase to 49.78%. In terms of the Agreement, the Howard family declined
to acquire VenFin"s shares in Intervid at the same price.
The Agreement is subject, inter alia, to approval of the transaction by the
Competition Authorities. Once such approval has been obtained, VenFin will, in
terms of the Securities Regulation Code on Takeovers and Mergers, extend a
mandatory offer to all the other minority shareholders of Intervid on
substantially the same terms as those agreed with the Howard family.
The Agreement represents the resolution of the dispute between VenFin and the
Howard family regarding, amongst other things, the management and further
funding of Intervid. VenFin will now resume discussions with the Intervid board
and its external financiers, with a view to supporting the continuation of
Intervid"s turnaround.
A further announcement on the terms of a mandatory offer will be made once
approval has been obtained from the Competition Authorities.
Stellenbosch
1 March 2004
Financial Adviser
Cazenove
Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited) Corporate Finance
Attorneys
Hofmeyr Herbstein & Gihwala Inc.
For further information contact:
Nick Williams (College Hill) on +27 11 447 3030
Date: 01/03/2004 01:54:03 PM Produced by the JSE SENS Department
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