VAALTRUCAR LIMITED/VAALAUTO LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT
VAALTRUCAR LIMITED VAALAUTO LIMITED
(Registration number (Registration number
1987/000988/06) 1983/013044/06)
(Incorporated in the (Incorporated in the
Republic of South Africa Republic of South Africa)
(Share code: VCR) (Share code: VLT)
(ISIN number: ZAE000007704) (ISIN number: ZAE000007746)
(`Vaaltrucar`) (`Vaalauto`)
(collectively `the companies`)
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders of the companies are referred to the further joint cautionary
announcement published on SENS on 14 May 2004 (`the announcement`). In the
announcement it was advised that:
* Mr C Blechman and Mr L Sank together with Macsteel Holdings (Pty) Ltd
(collectively, `the major shareholders`) were obliged in terms of the
Securities Regulation Code on Takeovers and Mergers to extend offers to the
minority shareholders of Vaaltrucar and Vaalauto (`the mandatory offers`)
at, respectively, 50 cents per Vaaltrucar share and 58.3 cents per Vaalauto
share, and that
* the companies had entered into negotiations which might have resulted in an
offer to minority shareholders greater than the mandatory offers.
Shareholders of the companies are now advised that the negotiations with third
parties that were referred to in the announcement have been terminated. The
major shareholders will accordingly proceed with the mandatory offers, which
will, subject to what is said below, be at an increased price to take account of
the time delay.
Shareholders are however further advised that the major shareholders are
considering proposals which will have the effect of acquiring all the shares of
minority shareholders and delisting the companies.
In view of the above, shareholders of the companies are advised to continue to
exercise caution when dealing in their Vaalauto and Vaaltrucar shares until a
further announcement is made.
Middelburg
16 August 2004
Sponsor to the companies
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 17/08/2004 09:20:03 AM
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