Ellerines / Relyant - Progress Update On Competition Proceedings
Ellerine Holdings Limited Relyant Retail Limited
(Incorporated in the Republic (Incorporated in the Republic
of South Africa) of South Africa
(Registration number 1968/013402/06) (Registration number 1937/010108/06)
Share Code: ELH Share Code: RLY
ISIN:ZAE000022752 ISIN:ZAE000016457
(`Ellerines`) (`Relyant`)
PROGRESS UPDATE ON COMPETITION PROCEEDINGS
Shareholders are referred to the Ellerines and Relyant joint announcements dated
17 May, 23 June, 4 August, 6 September and 8 October 2004 with regard to the
proposed offer by Ellerines to the shareholders of Relyant to acquire their
shares in Relyant (the `Proposed Transaction`). The boards of Ellerines and
Relyant wish to inform shareholders that the Competition Commission has
requested a further extension to 4 January 2005 to investigate the Proposed
Transaction and make a recommendation to the Competition Tribunal.
Notwithstanding such extension, it is anticipated that the overall timetable for
implementing the Proposed Transaction will not be affected.
Further announcements in respect of the Proposed Transaction will be published
in due course. Until publication of such further announcements, shareholders of
Ellerines and Relyant are advised to continue to exercise caution when dealing
in the securities of the respective companies.
Johannesburg
9 December 2004
Financial advisor to Ellerines Legal advisor to Ellerines Sponsor to Ellerines
Andisa Capital Cliffe Dekker Nedbank Capital
Independent advisor to Relyant Legal advisor to Relyant Sponsor to Relyant
Java Capital Sonnenberg Hoffman Investec Bank
Galombik Limited
Independent transaction advisor
Morgan Stanley
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