| Mon 25 Apr 2005, 16:39 | | RESULTS OF THE GRINTEK SCHEME MEETING |
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SAAB SA/ Grintek - Results of the Grintek scheme meeting
SAAB South Africa (Proprietary) Grintek Limited
Limited (Incorporated in the Republic
(Incorporated in the Republic of of South Africa)
South Africa) (Registration number
(Registration number 1955/000013/06)
2003/015031/07) Share code: GNK ISIN: ZAE
(`SAAB SA`) 000003067
(`Grintek`)
RESULTS OF THE GRINTEK SCHEME MEETING
1. Results of the Grintek scheme meeting
Further to the announcement dated Tuesday 19 April 2005, Grintek shareholders
are advised that the scheme of arrangement(`the scheme`) in terms of section 311
of the Companies Act, 1973 (Act 61 of 1973), as amended,(`the Act`) as proposed
by SAAB SA, a wholly-owned subsidiary of SAAB Aktiebolag (`SAAB AB`), between
Grintek and its shareholders(`Grintek minority shareholders`) other than SAAB
AB, SAAB SA, Kunene Finance Company (Proprietary) Limited and Kunene Technology
(Proprietary) Limited has been approved by the requisite majority of Grintek`s
minority shareholders present and voting at the Grintek scheme meeting (`scheme
meeting`) held at the registered office of Grintek, 44 Oak Avenue, Highveld
Technopark, Centurion, on Monday 25 April 2005. 99 percent of Grintek`s minority
shareholders present and voting at the Grintek scheme meeting voted in favour of
the scheme.
Application will be made to the High Court of South Africa (Transvaal Provincial
Division) (`the Court`) on Wednesday, 4 May 2005 at 10h00(or as soon as Counsel
may be heard) for the purpose of sanctioning of the scheme. The Court is located
at the High Court Building, Vermeulen Street, Pretoria.
2. Conditions precedent
The only remaining conditions precedent that still need to be fulfilled, are the
following:
* The Court sanctioning the scheme in terms of the Act
* A certified copy of the Order of Court sanctioning the scheme being registered
by the Registrar in terms of the Act
* SAAB receiving the necessary confirmation and satisfaction that all licences
and necessary approvals for Grintek to continue to conduct its businesses
effectively in the normal, ordinary and regular course following the sanction
and implementation of the Scheme, are granted or in place, as the case may be
3. Chairman`s report
Copies of the Chairman`s report on the scheme meeting will be available on
request from Tuesday, 26 April 2005 during normal business hours from the
registered office of Grintek, 44 Oak Avenue, Highveld Technopark, Centurion and
from the office of the transfer secretaries, Computershare Investor Services
2004 (Proprietary) Limited, 70 Marshall Street, Johannesburg, 2001.
4. Further announcements
Further announcements regarding the outcome of the application to the Court,
fulfilment of conditions precedent, final salient dates and times of the scheme
and details of the election and surrender procedures for Grintek minority
shareholders, will be made to shareholders in due course
Centurion
25 April 2005
Investment bank and corporate advisor to SAAB SA
Nedbank Capital, a division of Nedbank Limited
Corporate law advisor to SAAB SA
Edward Nathan (Pty) Ltd
Independent advisor and sponsor to Grintek
Investec Bank Limited
Date: 25/04/2005 04:29:55 PM
Produced by the JSE SENS Department
