Kelgran Limited - Interim Results for the six months ended 31 December 2003 and
further cautionary announcement
KELGRAN LIMITED
Dimension Stone Specialist
PROPOSED DISPOSAL OF CONTROL OF KELGRAN"S OPERATIONS AND FURTHER CAUTIONARY
ANNOUNCEMENT
It was announced on 13 August 2003 that Kelgran had entered into a transaction
regarding the proposed disposal of control of Kelgran"s operations. A circular
to shareholders providing full details of the transaction was posted to
shareholders.
On 17 December 2003 a general meeting of Kelgran shareholders was held and the
shareholders voted in favour of the ordinary resolutions to approve:
The specific issue of shares for cash by Kelgran Investments (Pty) Ltd ("KI"), a
wholly owned subsidiary of Kelgran to JVK S.r.l. ("JVK") so as to result in JVK
holding 51% of the enlarged issued share capital of KI following the
implementation of the transaction;
The agreement dated 10 August 2003 and any addendum thereto entered into between
Kelgran, KI and JVK. In terms of this resolution specific approval was sought to
authorise Kelgran in terms of section 228 of the Companies Act, 1973 to sell
Kelgran"s entire interest in KI to JVK when the option granted by Kelgran to JVK
to acquire Kelgran"s entire interest in KI is exercised; and
That the directors be granted the authority to do all such things as may be
necessary to implement the abovementioned resolutions.
There are still outstanding conditions precedent relating to the transaction and
shareholders will be notified once these conditions precedent have been
fulfilled.
Until such time shareholders are advised to continue to exercise caution when
dealing in their Kelgran shares on the JSE.By order of the boardVittorio Di
CapuaChief Executive Officer 31 March 2004
Registered Office: 4 Homestead Avenue, Bryanston, Sandton 2196
Transfer Secretaries: Computershare Ltd, 70 Marshall Street, Johannesburg 2001
Sponsor: Bridge Capital Services (Pty) Ltd
Executive Directors: V di Capua** (Chief Executive Officer and Executive Deputy
Chairman), Dato" Choo Eng Guan* and FP van Wyk
Non-executive Directors: Dato" Yap Yong Seong* (Chairman), Dato" Murad Mohamed
Hashim*, Yap Wee Keat* and Yap Wee Chun*
*Malaysian ** Italian
Date: 30/03/2004 05:05:07 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
