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Mutual & Federal - Offer By Old Mutual (South Africa) Limited ("OMSA") Through
Its Nominee, Mutual & Federal Investments (Proprietary) Limited ("Mutual &
Federal Investments") To Acquire The Entire Issued Share Capital Of Mutual &
Federal And Withdrawal Of Cautionary Announcement
Mutual & Federal Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1970/006619/06)
Share code JSE: MAF Share code NSX: MTF
ISIN: ZAE000010823
("Mutual & Federal")
OFFER BY OLD MUTUAL (SOUTH AFRICA) LIMITED ("OMSA") THROUGH ITS NOMINEE, MUTUAL
& FEDERAL INVESTMENTS (PROPRIETARY) LIMITED ("MUTUAL & FEDERAL INVESTMENTS") TO
ACQUIRE THE ENTIRE ISSUED SHARE CAPITAL OF MUTUAL & FEDERAL AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Shareholders are advised that:
- the circular that sets out the response by the Mutual & Federal board
("the response circular") to an unconditional offer by Mutual & Federal
Investments was posted to shareholders on 13 April 2004;
- the independent advisor, Rand Merchant Bank, has considered the terms
and conditions of the offer and is of the opinion that the offer is unfair and
unreasonable to Mutual & Federal shareholders; and
- the independent Mutual & Federal board has decided not to recommend
the offer to shareholders.
2. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
As the response circular has been posted, shareholders are advised that they are
no longer required to continue to exercise caution when dealing in their Mutual
& Federal shares.
3. FURTHER COPIES OF THE RESPONSE CIRCULAR
Shareholders who wish to obtain further copies of the response circular may
obtain them from:
- Gary Benton, Mutual & Federal, 75 President Street, Johannesburg
+27 11 374 2054;
- Shabbir Norath, Nedbank Capital, 135 Rivonia Road, Sandton, +27 11 294
3537; or
- from the Mutual & Federal website, www.mf.co.za.
Johannesburg
15 April 2004
Investment bank, Legal advisors Independent
transaction advisor to Mutual & advisor to
and sponsor to Mutual Federal Mutual & Federal
& Federal
Webber Wentzel Rand Merchant
Nedbank Capital Bowens Bank
Date: 15/04/2004 07:10:05 AM Produced by the JSE SENS Department
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