VAALTRUCAR LIMITED/VAALAUTO LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT
VAALTRUCAR LIMITED VAALAUTO LIMITED
(Registration number (Registration number
1987/000988/06) 1983/013044/06)
(Incorporated in the (Incorporated in the
Republic of South Africa Republic of South Africa)
(Share code: VCR) (Share code: VLT)
(ISIN number: ZAE000007704) (ISIN number: ZAE000007746)
("Vaaltrucar") ("Vaalauto")
(collectively "the companies")
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders of the companies are referred to the joint cautionary announcement
published on SENS on 1 April 2004 wherein it was advised that the companies had
become aware of a shareholder transaction that may cause a change of control in
both Vaaltrucar and Vaalauto.
Shareholders are now advised that:
Mr C Blechman and Mr L Sank ("the consortium") have acquired 46% of the issued
share capital of Vaaltrucar; and
Macsteel Holdings (Pty) Ltd ("Macsteel") has increased its stake in Vaaltrucar
to 45%.
As a result of the above effective control of Vaaltrucar has changed. As
Vaaltrucar owns 85.8% of Vaalauto a change in effective control of Vaalauto has
also occurred. In terms of the Securities Regulation Panel ("SRP") Code on
Takeovers and Mergers, the consortium and Macsteel ("the major shareholders")
are obliged to extend offers to the minority shareholders of Vaaltrucar at 50
cents per Vaaltrucar share and to the minority shareholders of Vaalauto at 58.3
cents per Vaalauto share.
However, shareholders of the companies are advised that the companies have
entered into negotiations which may result in offers to the minority
shareholders of Vaalauto and Vaaltrucar being extended at prices which may
exceed those mentioned above.
The SRP have agreed to allow the major shareholders to delay their required
offers to minorities pending the outcome of the negotiations. Should these
negotiations not be successful, the respective offer prices will be adjusted to
incorporate an appropriate interest payment as compensation for the delay.
In view of the above, shareholders of the companies are advised to continue to
exercise caution when dealing in their Vaalauto and Vaaltrucar shares until a
further announcement is made.
Middelburg
14 May 2004
Sponsor to the companies
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 14/05/2004 05:00:07 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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
