WESTERN AREAS LIMITED - RESULT OF GENERAL MEETING AND TERMS OF RIGHTS OFFER
WESTERN AREAS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1959/003209/06)
Share code: WAR ISIN: ZAE000016549
("WAL")
RESULT OF GENERAL MEETING AND TERMS OF RIGHTS OFFER
1. RESULT OF GENERAL MEETING
At the general meeting of WAL shareholders held at 10:00 on Tuesday, 2 March
2004, an ordinary resolution was passed placing the unissued ordinary shares
under the control of the directors, which is necessary in order to proceed with
the rights offer of WAL ordinary shares to raise approximately R400 million, as
announced in the press on 5 February 2004.
2. TERMS OF RIGHTS OFFER
The terms of the rights offer are as follows:
Amount to be raised (before expenses) R401 747 281
Number of new WAL shares to be issued 13 172 042
Issue price per new WAL ordinary share 3 050 cents
Ratio of the rights offer 12,50 new WAL shares for
every 100 WAL shares held
Where the application of the ratio for the rights offer results in a fraction of
a WAL share, such fraction will be rounded to the nearest whole number.
Shareholders will be entitled to subscribe for the resultant rounded number of
new WAL shares.
The new WAL shares to be issued, in terms of the rights offer, will rank pari
passu with the WAL ordinary shares currently in issue.
3. CONDITIONS PRECEDENT
The rights offer is subject to:
- approval by the necessary regulatory bodies of the required documentation;
- JCI Limited or its nominee lodging the required underwriting guarantee with
the JSE Securities Exchange South Africa.
4. SALIENT DATES OF THE RIGHTS OFFER
A press announcement containing the salient dates of the rights offer will be
published in the press in due course.
Johannesburg
5 March 2004
Corporate adviser
NEWFOUND
Sponsor
Sasfin
Corporate Finance
A Division of Sasfin Bank Limited
Corporate law adviser
TABACKS
Date: 05/03/2004 03:35:03 PM Produced by the JSE SENS Department
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