HCI/ Mettle - Result of the offer to Mettle shareh
HCI/ Mettle - Result of the offer to Mettle shareholders
Hosken Consolidated Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
Share code: HCI
ISIN: ZAE000003257
(`HCI`)
Mettle Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/010795/06)
(`Mettle`)
RESULT OF THE OFFER TO METTLE SHAREHOLDERS
Introduction
Mettle shareholders are referred to the circular dated 17 September 2004 and the
announcements dated 26 August 2004 and 17 September 2004 detailing the offer by
HCI to the shareholders of Mettle to acquire all or any part of their holding of
ordinary shares in Mettle for a consideration of 37 cents in cash per Mettle
share in terms of Section 440 of the Companies Act, 1973 (Act 61 of 1973) (`the
Act`), as amended (`the Offer`).
Result of the Offer
Mettle shareholders representing 129 815 999 shares in Mettle (being 98.61% of
the shares in respect of which the Offer was made) have accepted the Offer.
Compulsory acquisition of Mettle shares
Section 440K of the Act entitles HCI to acquire the shares of the Mettle
shareholders who did not accept the Offer, if acceptances were received in
respect of at least 90 percent of the Mettle shares in respect of which the
Offer was made. As the Offer has been accepted by the holders of more than 90
percent of the shares in respect of which the Offer was made, HCI hereby gives
notice of its intention to acquire compulsorily, in terms of Section 440K of the
Act, the Mettle shares held by those Mettle shareholders who did not accept the
Offer (`the Remaining Shareholders`) on the same terms and conditions as those
contained in the Offer.
Circular
A circular will be posted to the Remaining Shareholders on or about 20 October
2004, detailing the compulsory acquisition and incorporating a Section 440K
notice and a further form of election and surrender. Remaining Shareholders will
be given up to Friday 3 December 2004 (`the Section 440K Offer Period`) (or the
date of dismissal of any application made to the Court in terms of Section 440K
if later) to accept the Offer. The Mettle shares of those Remaining Shareholders
who do not respond as detailed above, will be acquired compulsorily by HCI, for
the benefit of the relevant Mettle shareholder.
Durban Illovo
12 October 2004 12 October 2004
Sponsor to HCI Legal advisor to Mettle
Nedbank Capital Prinsloo, Tindle & Andropoulos Inc.
Corporate advisors to HCI
HJS Advisory Services (Proprietary) Limitedpa
Date: 12/10/2004 05:10:12 PM Produced by the JSE SENS Department
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