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Ellerines/ Relyant - Progress update on Competition proceedings and irrevocable
undertakings
Ellerine Holdings Limited
(Incorporated in the Republic of South Africa)(
(Registration number 1968/013402/06)
1937/010108/06)
Share Code: ELH
ISIN:ZAE000022752
(`Ellerines`)
Relyant Retail Limited
Incorporated in the Republic of South Africa
(Registration number 1937/010108/06)
Share Code: RLY
ISIN:ZAE000016457
(`Relyant`)
PROGRESS UPDATE ON COMPETITION PROCEEDINGS AND IRREVOCABLE UNDERTAKINGS
Shareholders are referred to the various earlier Ellerines and Relyant joint
announcements with regard to the proposed offer by Ellerines to the shareholders
of Relyant to acquire their shares in Relyant (the `Proposed Transaction`). The
Competition Commission has unconditionally recommended to the Competition
Tribunal that it approve the Proposed Transaction. The Competition Tribunal is
scheduled to hear the matter during the week commencing 7 March 2005 and a
ruling on the Proposed Transaction is expected to be made shortly thereafter.
The offer by Ellerines to Relyant shareholders will only be made once a final
ruling approving the Proposed Transaction is obtained from the Competition
Tribunal.
As a result of the delay in the competition proceedings, shareholders holding
90.2% of the issued shares of Relyant, who had provided irrevocable undertakings
to accept the offer to be made under the Proposed Transaction (`irrevocable
undertakings`), have agreed to extend these irrevocable undertakings to
accommodate the extended time period required to complete the Proposed
Transaction.
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
28 February 2005
Financial advisor to Ellerines
Andisa Capital
Legal advisor to Ellerines
Cliffe Dekker
Sponsor to Ellerines
Nedbank Capital
Independent advisor to Relyant
Java Capital
Legal advisor to Relyant
Sonnenberg Hoffman Galombik
Sponsor to Relyant
Investec Bank Limited
Independent transaction advisor
Morgan Stanley
Date: 28/02/2005 04:37:29 PM
Produced by the JSE SENS Department
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