CYCAD FINANCIAL HOLDINGS LIMITED UPDATE ON DELISTING PROPOSAL AND FURTHER
CAUTIONARY ANNOUNCEMENT
CYCAD FINANCIAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/008637/06)
JSE Share code: CYD ISIN: ZAE000017729)
("Cycad" or "the company")
UPDATE ON DELISTING PROPOSAL AND FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement published on 28 January 2004, Solcor
Capital (Pty) Limited is authorised to announce that the discussions referred to
therein regarding the delisting of Cycad from the JSE Securities Exchange South
Africa have been concluded with Cycad"s major shareholders. Discussions have
also been concluded with an underwriter, independent of Cycad"s directors, to
make a cash offer to shareholders who do not wish to remain as shareholders in
Cycad after the delisting ("the cash offer").
Shareholders are advised that an irrevocable commitment has been received from
the underwriter to fund the cash offer at 1,5 cents per Cycad share. Any
shareholders wishing to join the underwriter in making the cash offer are
invited to do so, and should contact the company for further details.
Shareholders are further advised that irrevocable commitments have been received
from shareholders representing in excess of seventy five percent of Cycad"s
equity to vote in favour of the delisting and undertaking not to accept the cash
offer.
Cycad"s directors will recommend to the remaining shareholders that they
continue as shareholders in the delisted entity and not to accept the cash
offer.
A circular to shareholders setting out details of the delisting, the cash offer
and convening a meeting of shareholders to consider the delisting proposal will
be mailed to shareholders within 28 days hereof.
Shareholders are advised to continue to exercise caution when dealing in the
company"s securities until the circular is published and the offer is formally
opened.
Johannesburg
11 March 2004
Corporate adviser to Cycad
Solcor
Advisor to Cycad minority shareholders
Imara
Sponsor
PWC
Date: 11/03/2004 05:15:02 PM Produced by the JSE SENS Department
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