Progress Update And Further Cautionary Announcemen
Ellerines / Relyant - Progress Update And Further Cautionary Announcement
Ellerine Holdings Limited Relyant Retail Limited
(Incorporated in the Republic (Incorporated in the Republic
of South Africa) of South Africa
(Registration number (Registration number
1937/010108/06) 1968/013402/06)
Share Code: ELH Share Code: RLY
ISIN:ZAE000022752 ISIN:ZAE000016457
(`Ellerines`) (`Relyant`)
PROGRESS UPDATE AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the Ellerines and Relyant joint announcements dated
17 May 2004 and 23 June 2004. The boards of Ellerines and Relyant wish to
inform shareholders of the following:
1. Progress update
The reciprocal due diligence investigations referred to in earlier announcements
have been completed to the satisfaction of both parties. Accordingly, there
will be no change to the offer consideration of 42 856 875 new Ellerines shares
(which constitutes an exchange ratio of 10 new Ellerines shares for
approximately every 225 Relyant shares).
The submission to the competition authorities in respect of the proposed
transaction was filed on 21 July 2004 and it is anticipated that a final ruling
in this regard will be obtained towards the end of 2004 or the early part of
2005.
2. Further announcements
Further announcements in respect of the proposed transaction will be published
in due course. Until publication of such further announcements, shareholders of
Ellerines and Relyant are advised to continue to exercise caution when dealing
in the securities of the respective companies.
Johannesburg
4 August 2004
Financial advisor to Ellerines Legal advisor to Ellerines Sponsor to Ellerines
(Andisa Capital logo) (Cliffe Dekker logo) (Nedbank Capital logo)
Independent advisor to Relyant Legal advisor to Relyant Sponsor to Relyant
(Java Capital logo) (Sonnenberg Hoffman Galombik logo) (Investec Bank
Limited logo)
Independent transaction advisor
(Morgan Stanley logo)
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
