Bearing Man - Withdrawal of cautionary notice
BEARING MAN LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1955/002109/06
Share Code: BRM ISIN: ZAE000001137
(`Bearing Man` or `the company`)
WITHDRAWAL OF CAUTIONARY NOTICE
Shareholders are referred to prior cautionary announcements dated 2 August 2004,
13 September 2004, 1 November 2004, 14 December 2004 and 26 January 2005, issued
in respect of Bearing Man`s negotiations with a prospective BEE partner, which
had reached an advanced stage.
Prior to the BEE transaction being finalised, the department of Trade & Industry
released the Codes of Good Practice on Broad Based BEE (`the Code`) in December
2004.
The Code has created uncertainties regarding acceptable BEE equity structures.
As a consequence, Bearing Man is unable to conclude the current negotiations
until such time as there is more clarity.
The cautionary notice is accordingly withdrawn.
Bearing Man remains committed to introducing a BEE equity partner as
expeditiously as possible. In the interim, Bearing Man will continue to
implement the other requirements of the Code as a priority.
25 February 2005-02-25
Corporate adviser
PriceWaterhouseCoopers
Attorneys
Bernadt, Vukic, Potash & Getz
Sponsor
Nedbank Capital
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