Moribo / the offeror - Lapsing Of Offer
MORIBO LEISURE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06
Share Code: MRB ISIN NO: ZAE000014023
(`Moribo`)
DNR CAPITAL
a division of DNR Corporate Advisors (Proprietary) Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/028938/07)
(`the offeror`)
LAPSING OF OFFER
Shareholders are referred to the joint announcement published on SENS and in the
press on 25 November 2004 advising shareholders that if the offeror`s offer was
not accepted in respect of at least 51% of the issued share capital of Moribo by
10 December 2004, the offer would lapse.
The offeror had received irrevocable undertakings to accept the offer from
shareholders holding 19 119 773 shares in Moribo, comprising just under 35% of
the total issued share capital of Moribo. The offer was accepted by shareholders
holding 5 919 279 shares in Moribo comprising just under 11% of the shares in
Moribo. The majority of acceptances were received from shareholders who had
given irrevocable undertakings to accept the offer. The offeror did not enforce
the remainder of the irrevocable undertakings as the necessary level of
acceptances would still not have been achieved.
Accordingly shareholders are advised that as a result of the offer having been
accepted in respect of less than 51% of the issued share capital of Moribo the
offer has lapsed.
Any share certificates tendered in acceptance of the offer will be returned to
shareholders within five business days of the date of this announcement.
Johannesburg
13 December 2004
Sponsor to Moribo
Absa Corporate and Merchant Bank - Corporate Finance
Corporate advisor to the offeror
Java Capital (Pty) Limited
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