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Southern Mining Corporation Limited - Suspension Of Listing
Release Date: 02/04/2004 17:45:01 Code(s): SMC
Southern Mining Corporation Limited - Suspension Of Listing
Southern Mining Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/014149/06)
Share code: SMC
ISIN: ZAE000029799
("SMC" or "the Company")
SUSPENSION OF LISTING
Further to the announcement published on SENS on 28 January 2004, SMC
shareholders are advised that the JSE Securities Exchange South Africa ("JSE")
has agreed to suspend the listing of the Company with effect from the
commencement of business on, Monday, 19 April 2004.
The reasons for the suspension are as follows:
On 24 August 2003, SMC was placed in voluntary liquidation. As announced on 19
December 2003, Yangara Investments Limited ("Yangara"), SMC"s wholly-owned
subsidiary, received the second and final payment of 6 715 123 shares in
WMC Resources Ltd ("WMCR") for WMCR"s purchase of Corridor Sands from Yangara.
By the end of January 2004, Yangara had disposed of these shares for a net
consideration of US$28.2 million. The First and Final Liquidation and
Distribution Account was prepared as at the end of January 2004. This account
lay open for inspection at the Magistrate"s Court for the required period
without objection during March 2004. The certificate of confirmation and
instruction to pay dividends in terms of this account from the Master of the
High Court is imminent.
The suspension is therefore required so that the share register can be
finalised, and the dividend paid out to all shareholders recorded in the
register.
In compliance with the requirements of STRATE, the electronic settlement and
custody system used by the JSE, the following salient dates apply:
Last date to trade 16 April 2004
Suspension of listing at
commencement of trade 19 April 2004
Record date 23 April 2004
Payment of final liquidation dividend 26 April 2004
Termination of listing at
commencement of trade 28 April 2004
Share certificates may not be dematerialised or rematerialised after Friday, 16
April 2004.
The quantum of the dividend is approximately US 30.7 cents. The Rand equivalent
of this amount will depend on the exchange rate ruling on conversion.
Once the dividend has been paid and the subsequent administrative issues have
been finalised, the company will be registered, and all its books and records
destroyed, this will take approximately six months.
Shareholders should take note that a circular to shareholders, as mentioned in
the previous SENS announcement published on 28 January 2004, is no longer
required by the JSE. A SENS announcement containing details of the payment of
the final liquidation dividend will be published in due course.
Johannesburg
2 April 2004
Sponsor
HSBC
Legal advisers
Bell Dewar Hall
Independent advisers
KPMG
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