METROPOLITAN - IMPLEMENTATION AND RESULTS OF THE ODD-LOT OFFER
METROPOLITAN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2000/031756/06
(`Metropolitan` or `the Company`)
ISIN: ZAE000050456
JSE Share Code: MET
NSX Share Code: MTD
IMPLEMENTATION AND RESULTS OF THE ODD-LOT OFFER
1. IMPLEMENTATION OF THE ODD-LOT OFFER
Shareholders are advised that the odd-lot offer to shareholders who held less
than 100 Metropolitan shares (`odd-lot holders`) at the close of business on
Friday, 17 September 2004, has been duly implemented.
2. RESULTS OF THE ODD-LOT OFFER
2.1 The total number of Metropolitan shares made available by those odd-lot
holders who elected to sell their odd-lot holdings, and by those who failed to
make an election and who were therefore deemed to have sold their odd-lot
holdings, is 75 625 Metropolitan shares. The total consideration payable to
these odd-lot holders, at R8.02 per Metropolitan share, being the offer price of
R7.64 plus a premium of 5% per Metropolitan share, amounts to R606 512.50.
2.2 The total number of Metropolitan shares purchased by those odd-lot holders
who elected to increase their odd-lot holdings to holdings of 100 Metropolitan
shares is 2 511 Metropolitan shares. The consideration received by Metropolitan
from these odd-lot holders was R7.64 per Metropolitan share, amounting to a
total cash consideration of R19 184.04.
2.3 The total number of Metropolitan shares that continue to be held by those
odd-lot holders who elected to retain their odd-lot holdings is 1 388.
The aggregate number of Metropolitan shares that became available as a result of
the implementation of paragraph 2.1 above was used to satisfy the demand for
Metropolitan shares referred to in paragraph 2.2 above.
The net result of the implementation of the odd-lot offer is that the number of
shareholders of Metropolitan has been reduced by 22 986 shareholders and a total
of 73 114 Metropolitan shares will be cancelled, de-listed and restored to the
status of authorised ordinary share capital.
Cape Town
20 September 2004
Sponsor in South Africa
Merrill Lynch South Africa (Pty) Limited
Sponsor in Namibia
Simonis Storm Securities (Proprietary) Limited (Member of the NSX)
Legal adviser
Deneys Reitz Inc.
Date: 20/09/2004 02:49:04 PM Produced by the JSE SENS Department
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