Independent Financial Services Limited - Dealings in securities by a Director
Independent Financial Services Limited
(Incorporated in the Republic of South Africa)
Registration number: 1950/037061/06
Share code: IND
ISIN: ZAE000025300
(`IFS`)
DEALINGS IN SECURITIES BY A DIRECTOR
In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings
Requirements of the JSE Securities Exchange South Africa, the following is
disclosed:
Name of director: Mr J.W. Simpson
Transaction date: 19 April 2005
Number of securities: 26 640 000
Price: 8.82 cents per share
based on a total NAV of R3 million
Total value: R2 350 588,24
Class of shares: Ordinary shares
Nature of transaction: Conditional sale of shares
Ex dividends to be declared
Nature of interest: Indirect:
- non-beneficial: 20 100 000 shares
- beneficial: 6 540 000 shares
Clearance obtained: Yes
The abovementioned 26 640 000 IFS shares are sold ex the dividends still to be
declared by IFS pursuant to its strategy to realise its assets and distribute
the net proceeds, and the above sale was priced on the express term and warranty
that IFS will be left with a net asset value of R3 000 000, comprised entirely
of cash, after such dividends, at the time of the implementation of the above
sale. On this basis the purchase price will be equivalent to the (ex dividend)
net asset value per share at the relevant time.
The sale of the shares is conditional upon the purchaser being satisfied with a
due diligence investigation of IFS and upon the disposal by the IFS group of all
of its operations and/or subsidiaries being implemented by 31 May 2005.
If the above sale of shares is implemented, the purchaser will be obliged in
terms of the provisions of the Securities Regulation Code on Takeovers and
Mergers to make an offer to the remaining IFS shareholders to acquire their
shares on the terms set out above.
Johannesburg
20 April 2005
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 20/04/2005 04:16:03 PM
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