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IST Group Limited - Sanction of scheme of arrangement
IST GROUP LIMITED ETHOS PRIVATE EQUITY
(Incorporated in the Republic
of South Africa)
(Registration number
1998/011521/06)
Share code: IST
ISIN: ZAE000015798
(`IST`)
Sanction of scheme of arrangement
Further to the announcement published on SENS on 1 October 2004, shareholders
are advised that the scheme of arrangement proposed by Manupont 198
(Proprietary) Limited between IST and its shareholders (`scheme`) was sanctioned
by the High Court of South Africa (Transvaal Provincial Division) on Tuesday, 5
October 2004. A certified copy of the order of Court sanctioning the scheme has
been lodged with the Registrar of Companies and it is expected to be registered
by Wednesday, 6 October 2004.
Shareholders are advised that all other conditions precedent have been fulfilled
and, accordingly, upon registration of the order of Court, the scheme will
become unconditional and 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, failing
receipt of documents of title on or
before the consideration record date,
within five business days of receipt
thereof by the transfer secretaries. Monday 18 October
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
There will be no dematerialisation or rematerialisation after Friday, 8 October
2004.
Any changes to the above dates and times will be published on SENS.
Pretoria
5 October 2004
Merchant bank and transactional sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Corporate Finance
Independent financial adviser
Deloitte
BEE adviser to the consortium
Matumi
Attorneys to IST
Hofmeyr Herbstein & Gihwala Inc
Technology adviser to the consortium
Ethos Technology
Reporting accountants
PricewaterhouseCoopers
Sole arranger
Barclays
Sponsor
Nedbank Capital
Attorneys to the scheme
Webber Wentzel Bowens
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