Exxoteq - Update On Position Of The Company
EXXOTEQ LIMITED
(Formally Wild Rush Trading 12 Limited)
(Incorporated in the Republic of South Africa)
(Registration No: 2002/010132/06)
JSE Code: EXO
ISIN ZAE000050183
(`Exxoteq`) or (`the company`)
UPDATE ON POSITION OF THE COMPANY
Introduction
LPC Manhattan Sponsors (Pty) Limited is authorised to announce that the
International Sawney Group of Companies (`the Group`) has made an offer to
Exxoteq Limited (`Exxoteq`) for the return of shares. Exxoteq is part of the
Group.
Rationale for the offer
The Group holds in the aggregate 54,930,000 issued and transferred shares in
Exxoteq Limited. It proposes to return 40,000,000 shares to Exxoteq. The balance
of 14,930,000 shares issued and transferred to Exxoteq Corporation Limited
(India) and Exxoteq USA are proposed validated in accordance with the provisions
of Section 97 of the Companies Act 61 of 1973 as amended (`the Act`), by means
of seeking a declaratory order from the High Court of South Africa.
Conditions precedent
The offer is conditional upon fulfilment of the following conditions:
- The purchase of 5 080 000 shares ( part of the 14 930 000 shares to be
validated) issued to Exxoteq Corporation Limited (India) by any party for a
consideration of $ 550 000 (five hundred and fifty thousand US Dollars);
- the conclusion of the sale agreement before filing of the application to
Court; and
- upon 9 850 000 (the balance of the 14 930 000 shares) shares held in
Exxoteq USA, been held under absolute control of Exxoteq by way of an
irrevocable proxy, until such time as the shares are sold.
Consideration of the offer
The Exxoteq Ltd. Board of Directors will be meeting on Monday, 20 September 2004
to discuss and consider the above offer. It follows, in bringing such an
application, which would entail a joint application by Exxoteq Ltd. and the
International Exxoteq Sawney Group, that all interested parties, including the
Reserve Bank of South Africa, shall have to be cited therein.
An announcement will be published on the outcome of the meeting.
CAPE TOWN
17 September 2004
Sponsor
LPC Manhattan
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/024792/07)
Date: 20/09/2004 08:00:56 AM
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