MGX HOLDINGS LIMITED - SANCTIONING OF THE MGX CREDITORS" SCHEME OF ARRANGEMENT
MGX HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1983/012697/06)
("MGX" or "the Company")
SHARE Code: MGX
ISIN: ZAE000009262
SANCTIONING OF THE MGX CREDITORS" SCHEME OF ARRANGEMENT
Shareholders and creditors of MGX are referred to the announcement dated 10
February 2004, relating to the MGX creditors" scheme in which shareholders and
creditors of MGX were advised that the creditors" scheme of arrangement in terms
of section 311 of the Companies Act 61 of 1973 ("the scheme") was still subject
to the sanctioning by the High Court of South Africa (Witwatersrand Local
Division) ("the Court") and a certified copy of such order of court being
registered by the Registrar of Companies and that the Court had granted an
extension for the report back date of the scheme until Tuesday, 2 March 2004 to
allow for the last remaining conditions precedent to the implementation of MGX"s
debt refinancing to be fulfilled prior to the Court sanctioning of the scheme.
Shareholders and creditors of MGX are advised that following the fulfilment or
waiver of the last conditions precedent to the implementation of MGX"s debt
refinancing (other than those conditions precedent relating to the scheme
becoming effective), the Court sanctioned the scheme on Tuesday, 2 March2004 and
the Court order was registered by the Registrar of Companies on the same date.
Therefore, with this announcement, all outstanding conditions precedent to the
debt refinancing of MGX and the MGX creditors" scheme have been fulfilled.
3 March 2004
Sandton
Merchant Bank and Sponsor
Standard Corporate and Merchant bank
(A division of the Standard Bank
of South Africa Limited)
(Registration number 1962/000738/06)
Attorneys
Webber Wentzel Bowens
Debt Advisors
CMS
Credit Management Solutions
Date: 03/03/2004 05:35:02 PM Produced by the JSE SENS Department
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