KELGRAN LIMITED - FULFILMENT OF OUTSTANDING CONDITIONS PRECEDENT
Kelgran Limited
(Incorporated in the Republic of South Africa)
(Registration number 1975/004595/06)
Share code: KLG ISIN: ZAE000038851
(`Kelgran`)
Fulfilment of outstanding conditions precedent
Further to the announcements dated 13 August 2003, 18 December 2003 and 30 March
2004, in which shareholders were notified of, inter alia, the specific issue of
shares for cash by Kelgran Investments (Pty) Limited (`KI`), a wholly-owned
subsidiary of Kelgran, to JVK S.r.l (`JVK`), so as to result in JVK holding 51%
of the enlarged issued share capital of KI following the implementation of the
transaction, Bridge Capital Services (Pty) Limited is authorised to announce
that all the outstanding conditions precedent have been fulfilled. The
effective date of the transaction is 30 June 2004. Half of the R60 million
proceeds for the specific issue of shares will be used to reduce KI`s debt to
the banks, with the balance being applied to provide working capital support to
KI.
21 July 2004
Sponsor
Bridge Capital Services (Pty) Limited
Attorneys to Kelgran
Deneys Reitz Inc.
Attorneys to JVK S.r.l
Webber Wentzel Bowens
Investment bank and corporate advisor to JVK S.r.l
Nedbank Corporate
Date: 21/07/2004 08:00:04 AM
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