Aflease - Kalgold Transaction Gets Ministerial Approval
Release Date: 04/03/2004 17:31:01 Code(s): AFL
Aflease - Kalgold Transaction Gets Ministerial Approval
The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
("Aflease")
Share Code : AFL
ISIN Number : ZAE000000253
KALGOLD TRANSACTION GETS MINISTERIAL APPROVAL
Johannesburg, Thursday 4 March 2004 - The Afrikander Lease Limited ("Aflease")
today announced that the remaining conditions precedent to the sale of Kalgold
to Aflease had been met or waived. The Minister of Minerals and Energy, Ms
Phumzile Mlambo-Ngcuka today approved the sale.
In terms of the agreement entered into by the parties on 6 November 2003,
Aflease agreed to acquire Kalgold for a total consideration of R275 million. As
agreed at the time, the consideration will be effected through R137,5 million in
Aflease shares valued at R5,35 per share and a cash payment of R137,5 million
within 3 days after all the conditions precedent had been met or waived.
A circular containing details of the transaction including a Competent Persons
Report will be sent to Aflease shareholders in due course.
Johannesburg
4 March 2004
Investment bank and sponsor
Nedbank Corporate
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