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Tourism Investment Corporation Limited - Results Of The Conditional Offer To
sure holdings" shareholders (`The Offer")
TOURISM INVESTMENT CORPORATION LIMITED
Registration number: 1996/008144/06
Share code: TRT
ISIN: ZAE000012472
("Tourvest" or "the company")
SURE HOLDINGS LIMITED
Registration number: 2000/023872/06
("Sure Holdings")
RESULTS OF THE CONDITIONAL OFFER TO SURE HOLDINGS" SHAREHOLDERS (`the offer")
Introduction
Sure Holdings shareholders are referred to the announcement published on the
Securities Exchange News Service ("SENS") of the JSE Securities Exchange South
Africa ("JSE") on 27 February 2004 and in the press on 1 March 2004 and to the
circular posted to Sure Holdings shareholders on 27 February 2004, in terms of
which Tourvest made a conditional offer to acquire the entire issued share
capital of Sure Holdings for a cash consideration of R100 per Sure Holdings
share.
Results of the offer
At the close of the offer at 12:00 on Friday 19 March 2004 acceptances had been
received from shareholders holding 586 832 shares representing 84,4% of the Sure
Holdings shares.
Offer Conditions Precedent
As one of the conditions precedent of the offer is the acceptance of the offer
by Sure Holdings" shareholders holding not less than 67% of the offer shares,
this condition has now been fulfilled. The remaining conditions precedent are:
- the completion of a financial and legal due diligence satisfactory to
Tourvest;
- to the extent required, the approval of the relevant Competition Authority;
and
- the execution of service agreements with key management on terms acceptable to
Tourvest.
Meeting of voting licencees of Sure Travel
Tourvest has received irrevocable undertakings from a sufficient number of Sure
Holdings shareholders to amend the existing relationship agreement in accordance
with the terms of the franchise agreement previously circulated to all voting
licencees.
A special meeting of voting licencees of Sure Travel will be convened on 14 days
notice to each licencee for the purpose of voting on a formal resolution to so
amend the existing relationship agreement.
Johannesburg
23 March 2004
Sponsor to Tourvest
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys to Sure Holdings
Mallinicks Inc
Date: 23/03/2004 03:53:20 PM Produced by the JSE SENS Department
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