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AFRICAN OXYGEN LIMITED - SANCTIONING OF THE SCHEME OF ARRANGEMENT PROPOSED BY
BUSINESS VENTURE INVESTMENTS NO 790 (PROPRIETARY) LIMITED BETWEEN AFROX
HEALTHCARE LIMITED AND ITS SHAREHOLDERS
African Oxygen Limited
(Incorporated in the Republic of South Africa)
(Registration number 1927/000089/06)
Share code: AFX
ISIN: ZAE000030920
("Afrox")
Sanctioning of the Scheme of arrangement proposed by Business Venture
Investments No 790 (Proprietary) Limited between Afrox Healthcare Limited and
its shareholders
Further to the announcement published on the Securities Exchange News Service
of the JSE Securities Exchange South Africa ("JSE") on Friday, 2 April 2004, the
attention of Afrox shareholders is drawn to the joint announcement published on
Tuesday, 6 April 2004 by Business Venture Investments No 790 (Proprietary)
Limited ("Bidco") and Afrox Healthcare Limited ("Ahealth") regarding the scheme
of arrangement proposed by Bidco between Ahealth and its shareholders (the
"scheme"). In terms of that joint announcement, Ahealth shareholders, of which
Afrox is one, were advised that the scheme was sanctioned by the High Court of
South Africa (Witwatersrand Local Division) (the "Court") on Tuesday, 6 April
2004.
The implementation of the scheme is still subject to the fulfillment of the
following conditions precedent:
* The registration of a certified copy of the Order of Court sanctioning the
scheme by the Registrar of Companies in terms of the Companies Act; and
* The obtaining of the requisite approvals for the implementation of Bidco"s
acquisition of Ahealth from the Competition Authorities in terms of the
Competition Act, 89 of 1998.
As the approval of the Competition Commission and Tribunal is still awaited, the
last day for Ahealth shareholders to trade on the JSE Securities Exchange South
Africa to be eligible to receive the consideration payable in terms of the
scheme, has been postponed from 7 April 2004 to a date to be advised, as have
the remaining estimated salient dates. It is expected that a further
announcement incorporating the revised estimated salient dates and advising on
the fulfillment of the remaining conditions precedent will be made in due
course.
Johannesburg
6 April 2004
Financial advisor to Afrox
JPMorgan
Legal advisor to Afrox
Bowman-Gilfillan
Competition Law advisors to Afrox
Edward Nathan & Friedland
Sponsor to Afrox
Nedbank Capital
Date: 06/04/2004 04:57:04 PM Produced by the JSE SENS Department
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