UPDATE ON SHAREHOLDER ISSUES, NEGOTIATIONS RELATIN
Intervid - Update On Shareholder Issues, Negotiations Relating To The RFS
Holdings Limited Convertible Loan And Withdrawal Of Cautionary
Announcement
INTERVID LIMITED -
(Incorporated in the Republic of South Africa)
(Registration number 1999/011483/06)
Share code: ITV
ISIN : ZAE000025615
(`Intervid`)
UPDATE ON SHAREHOLDER ISSUES, NEGOTIATIONS RELATING TO THE RFS HOLDINGS LIMITED
CONVERTIBLE LOAN AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
SHAREHOLDER ISSUES
Reference is made to the SENS announcement dated 1 March 2004 informing
shareholders that VenFin had reached agreement with the Howard family to acquire
a total of 30 243 408 Intervid shares at a price of 34 cents, subject, inter
alia, to approval of the transaction by the Competition authorities. Intervid
is pleased to announce that the Competition Commission yesterday ruled in
favour of the transaction. This will increase VenFin`s effective shareholding in
Intervid to 64,92%.
A further announcement regarding the mandatory offer by VenFin to all other
minority shareholders at Intervid will follow in due course.
CONVERTIBLE LOAN
Negotiations with RFS Holdings Limited, an associate of VenFin, to limit its
conversion shareholding to a maximum of 65% of Intervid Limited, thereby
minimising the potential dilution of minority shareholders, have been
unsuccessful and there will be no limit to the conversion shareholding on 30
June 2005.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
As all the information applicable to the RFS negotiations has been disclosed to
shareholders the cautionary announcement relating to the RFS negotiations, is
hereby withdrawn.
Durban
28 May 2004
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 28/05/2004 11:27:03 AM Produced by the JSE SENS Department
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