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Intervid / VenFin - Result of the Court hearing to sanction the scheme of
arrangement
Intervid Limited VenFin Limited
(Incorporated in the Republic of South (Incorporated in the Republic of South
Africa) Africa)
(Registration number 1999/011483/06) (Registration number 1948/031037/06)
Share code: ITV Share code: VNF
ISIN number: ZAE000025615 ISIN number: ZAE000026498
(`Intervid`) (`VenFin`)
Result of the Court hearing to sanction the scheme of arrangement
Shareholders of Intervid are referred to the previous announcements regarding
the scheme of arrangement proposed by VenFin between Intervid and its
shareholders, other than VenFin and its subsidiaries (`the scheme`), in terms of
which VenFin would acquire all the Intervid shares it does not already own for a
cash consideration of 34 cents or 1 VenFin share for every 60 Intervid shares
held (`the scheme consideration`).
Shareholders are advised that the High Court today granted an order sanctioning
the scheme. It is expected that the court order will shortly be registered by
the Registrar of Companies, which will fulfil the final outstanding condition
precedent to the implementation of the scheme. The remaining salient dates in
relation to the scheme are set out below.
2004
Last day to trade for shareholders to Friday 13 August
be eligible to receive the scheme
consideration on
Suspension of listing of Intervid Monday 16 August
shares at commencement of trading on
Election of scheme consideration closes Friday 20 August
at 12:00
Record date on which shareholders must Friday 20 August
be recorded in the register of members
of Intervid in order to receive the
scheme consideration by 17:00 on
Operative date of the scheme at the Monday 23 August
commencement of trading on
Scheme consideration posted to Monday 23 August
certificated scheme participants (if
documents of title are received on or
prior to the consideration record date)
on or about
or, failing receipt of documents of
title on or before the consideration
record date, within five business days
of receipt thereof by the transfer
secretaries.
Dematerialised scheme participants have Monday 23 August
their accounts held at their CSDP or
broker credited with the scheme
consideration on
Termination of listing of Intervid`s Tuesday 24 August
shares on the JSE at the commencement
of trading on
No dematerialisation or rematerialisation of Intervid shares may take place
after Friday 20 August 2004.
Kloof
5 August 2004
Merchant bank and sponsor to Intervid
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
CORPORATE FINANCE
Independent financial adviser to Intervid
Deloitte & Touche
Corporate Finance Division
Deloitte & Touche Chartered Accountants (SA)
Registered Accountants and Auditors
Legal adviser to the transaction
Hofmeyr Herbstein & Gihwala Inc.
Financial adviser to VenFin
CAZENOVE
Investor relations adviser to VenFin
COLLEGE HILL
Sponsor to VenFin
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 05/08/2004 01:06:39 PM
Produced by the JSE SENS Department
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