HCI - Further information and withdrawal of cautionary announcement to
shareholders
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
ISIN: ZA000003257 Share code: HCI
(`HCI` or `the Company`)
FURTHER INFORMATION AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT TO SHAREHOLDERS
1. Further information
Shareholders are informed that following HCI`s notification to the board of
directors of Putco Limited (`Putco`) that it intends to make a formal offer to
acquire control of Putco via a scheme of arrangement in terms of section 311 of
the Companies Act 73 of 1973 (`the proposal`), HCI was advised by Putco that:
* the Putco board considered the proposal to be defective and not capable of
implementation;
* the controlling shareholder of Putco, Carleo Enterprises (Proprietary)
Limited (`Carleo`) (the owner of approximately 52,5% of all the issued
shares in Putco) found the proposal unacceptable.
Following discussions with a representative of Carleo, HCI was also informed
that Carleo was not prepared to entertain any proposal that resulted in a single
Black Empowerment shareholder acquiring more than 50% of all the issued shares
in Putco.
HCI disagrees that the proposal is defective and not capable of implementation.
However, given Carleo`s response to the proposal, HCI sees no purpose in
pursuing the proposal at this stage.
HCI has noted from a previous Putco announcement that Putco has received
indications of interest from other potential parties. Should Carleo`s view
change to one that would permit a single Black Empowerment party to acquire
control of Putco, then HCI may, subject to any regulatory issues, seek to
proceed with its proposal to acquire a controlling shareholding in Putco either
in the current form of the proposal or a suitably modified form.
Shareholders are therefore advised that HCI is no longer negotiating with Putco
and that HCI will issue a further notice in due course should this position
change.
2. Withdrawal of cautionary announcement
As a result of the above and further to the cautionary announcement issued on 13
October 2004, shareholders are advised that caution need no longer be exercised
when dealing in HCI shares.
3 November 2004
Durban
Sponsor
Nedbank Capital
Corporate advisor to HCI
HJS Advisory Services (Proprietary) Limited
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
