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Barloworld/Avis - Acquisition By Barloworld Of Avis
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
("Barloworld")
Avis Southern Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/010320/06)
(Share code: AVS)
(ISIN: ZAE000013371)
("Avis")
ACQUISITION BY BARLOWORLD OF AVIS
Shareholders of Barloworld and Avis are referred to the previous announcements
regarding the acquisition by Barloworld of Avis by means of a scheme of
arrangement ("the scheme"), in terms of which Barloworld would acquire all the
Avis shares it does not own for 970 cents in cash and 0.05 Barloworld shares per
Avis share ("the scheme consideration").
Shareholders are advised that the High Court today granted an order sanctioning
the scheme. It is expected that the court order will shortly be registered by
the Registrar of Companies, which will fulfil the final outstanding condition
precedent to the implementation of the scheme. The remaining salient dates in
relation to the scheme are set out below.
2004
Last day to trade for Avis shareholders to be Thursday, 18 March
eligible to receive the scheme consideration on
Suspension of listing of Avis shares on the JSE
Securities Exchange South Africa ("JSE"), the
Botswana Stock Exchange ("BSE") and the Namibian
Stock Exchange ("NSX") at commencement of
trading on Friday, 19 March
Listing of new Barloworld shares pursuant to the
scheme on Friday, 19 March
Record date ("consideration record date") on
which Avis shareholders must be recorded in the
register of members of Avis in order to receive Friday, 26 March
the scheme consideration ("scheme participants")
by 17:00 on
Operative date of the scheme at the commencement
of trading on Monday, 29 March
Scheme consideration posted to certificated
scheme participants (if documents of title are Monday, 29 March
received on or prior to the consideration record
date) on
or, failing receipt of documents of title on or
before the consideration record date, within
five business days of receipt thereof by the
transfer secretaries.
Dematerialised scheme participants have their
accounts held at their Central Securities Monday, 29 March
Depository Participant or broker credited with
the scheme consideration on
Termination of listing of Avis" shares on the Tuesday, 30 March
JSE, the BSE and the NSX at the commencement of
trading on
No dematerialisation or rematerialisation of Avis share certificates will take
place after Thursday, 18 March 2004.
Sandton
16 March 2004
Merchant bank and financial adviser to Barloworld
Standard Bank
Independent financial adviser and sponsor to Avis
Rand Merchant Bank (A division of FirstRand Bank Limited)
Corporate Finance
Joint financial adviser and sponsor to Barloworld
Cazenove South Africa (Pty) Limited
Legal advisers to Barloworld
Bowman Gilfillan (Registration number 1998/021409/21)
Legal advisers to Avis
Hofmeyr Herbstein & Gihwala Inc.
(Registration number 1997/001523/21)
Auditors and reporting accountants to Barloworld
Deloitte & Touche
Chartered Accountants (SA)
Registered Accountants and Auditors
Auditors and reporting accountants to Avis
PricewaterhouseCoopers Inc.
Chartered Accountants (SA)
Registered Accountants & Auditors
Date: 16/03/2004 01:00:04 PM Produced by the JSE SENS Department
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