IST GROUP LIMITED/ ETHOS PRIVATE EQUITY - COMPETITION TRIBUNAL APPROVAL
IST GROUP LIMITED ETHOS PRIVATE EQUITY
(Incorporated in the Republic
of South Africa)
(Registration number 1998/011521/06)
Share code: IST
ISIN: ZAE000015798
(`IST`)
COMPETITION TRIBUNAL APPROVAL
Further to the announcement dated 27 September 2004, shareholders are advised
that the Competition Tribunal has unconditionally approved the acquisition by
Manupont 198 (Proprietary) Limited (`Manupont`) of the entire issued share
capital of IST by means of a scheme of arrangement (`scheme`).
It is expected that the outstanding conditions precedent relating to:
the counterparties to certain agreements having approved or consented to the
scheme or to the assignment of these agreements by IST to Manupont; and
the finalisation of a shareholders` agreement between Swanvest 320 (Proprietary)
Limited (being Manupont`s only shareholder), its shareholders and Manupont,
will have been fulfilled by Monday, 4 October 2004.
Accordingly, subject to the High Court of South Africa (Transvaal Provincial
Division) sanctioning the scheme and a certified copy of the said order of such
Court being registered by the Registrar of Companies, it is expected that the
scheme will be implemented in accordance with the following timetable:
2004
Last day to trade for shareholders
to be eligible to receive the
scheme consideration on Friday 8 October
Suspension of listing of IST shares
at commencement of trading on Monday 11 October
Record date on which shareholders
must be recorded in the register
of members of IST in order to
receive the scheme consideration
by 17:00 on Friday 15 October
Operative date of the scheme at the
commencement of trading on Monday 18 October
Scheme consideration posted to
certificated scheme participants
(if documents of title are
received on or prior to the
consideration record date) on or
about or, Monday 18 October
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 their accounts held at their
CSDP or broker credited with the
scheme consideration on Monday 18 October
Termination of listing of IST`s
shares on the JSE at the
commencement of trading on Tuesday 19 October
Pretoria
1 October 2004
Merchant bank and transactional sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Corporate Finance
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