Ellerines/ Relyant - Joint Cautionary Announcement
Release Date: 17/05/2004 13:01:01 Code(s): RLY ELH
Ellerines/ Relyant - Joint Cautionary Announcement
Ellerines Holdings Limited Relyant Retail Limited
(Incorporated in the Republic (Incorporated in the Republic
of South Africa) of South Africa
(Registration number 1968/013402/06) (Registration number 1937/010108/06)
Share Code: ELH Share Code: RLY
ISIN:ZAE000022752 ISIN:ZAE000016457
("Ellerines") ("Relyant")
JOINT CAUTIONARY ANNOUNCEMENT
Ellerines and Relyant jointly announce that discussions are in progress
between them which may result in Ellerines providing the board of Relyant
with a written notice of a firm intention to make an offer for all the
securities in the share capital of Relyant.
In that event the consideration contemplated by Ellerines for the Relyant
shares will be in the form of an issue of Ellerines shares, without a cash
alternative, and will result in Relyant shareholders receiving
approximately 10 new Ellerines shares for every 225 Relyant shares held by
them.
Ellerines does not intend to deliver a notice of a firm intention to make
an offer until both Ellerines and Relyant have completed reciprocal due
diligence investigations. Any offer which may be made by Ellerines will be
subject to various conditions and approvals.
Any offer by Ellerines could have a material effect on the price of the
securities of both Ellerines and Relyant. Holders of the securities
concerned are advised to exercise caution in dealing in their securities on
the JSE Securities Exchange South Africa until a further announcement is
made.
Johannesburg
17 May 2004
Financial adviser to Ellerines:
Andisa Capital
Sponsor to Ellerines: Sponsor to Relyant:
Nedbank Capital Investec Bank
Legal adviser to Ellerines: Legal adviser to Relyant:
Cliffe Dekker Sonnenberg Hoffman Galombik
Independent transaction advisor
Morgan Stanley
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