Firstrand - Further Cautionary Announcement
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1966/010753/06)
(Share code: FSR)
(ISIN: ZAE000014973)
(`FirstRand`)
FURTHER CAUTIONARY ANNOUNCEMENT RELATING TO FIRSTRAND`S 10% BLACK ECONOMIC
EMPOWERMENT (`BEE`) TRANSACTION
Shareholders are referred to the cautionary announcement dated 4 November 2004
in which FirstRand outlined its proposed BEE transaction (the `BEE transaction`)
and the further cautionary announcement on 20 December 2004 in which it
confirmed that the necessary third party funding for the BEE transaction had
been secured.
FirstRand is pleased to announce that good progress is being made in drafting
the necessary legal agreements, referred to in the cautionary announcement on 20
December 2004, and that the BEE transaction is expected to be implemented by May
2005.
A detailed terms announcement will be published once the documentation relating
to the BEE transaction and the associated third party funding has been
finalised. This announcement, which is expected to be published by the end of
February, will include an analysis of the economic cost/dilution of the BEE
transaction to FirstRand shareholders.
In the interim, shareholders are advised to continue to exercise caution when
dealing in their FirstRand shares until the announcement referred to above is
made.
Sandton
2 February 2005
Merchant bank and joint sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited) Corporate Finance
Lead sponsor
PWC Corporate Finance (Pty) Ltd
Financial adviser to Kagiso Trust, Mineworkers Investment Trust and WDB Trust
Rothschild
Date: 02/02/2005 12:09:12 PM
Produced by the JSE SENS Department
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