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FirstRand - Results of the court hearing in respect of a 10% BEE transaction
FirstRand Limited
Incorporated in the Republic of South Africa
Registration number: 1966/010753/06
JSE share Code: FSR
NSX share code: FST
ISIN: ZAE000014973
(`FirstRand` or `the company`)
Results of the court hearing in respect of a 10% Black Economic Empowerment
(`BEE`) transaction
Introduction
Shareholders are advised that:
- at the scheme meeting held on 21 April 2005, the requisite majority
approved the scheme of arrangement proposed by the trustee of the FirstRand
Empowerment Trust and FirstRand Bank Limited in terms of section 311 of the
Companies Act No. 61 of 1973, as amended, between the company and its
shareholders (`scheme`);
- the scheme was sanctioned by the High Court of South Africa (Witwatersrand
Local Division) on Tuesday 3 May 2005; and
- the Order of Court will be lodged with the Registrar of Companies for
registration in due course.
The only remaining condition precedent to the scheme is that Societe General SA
issues a certificate on the business day prior to the consideration record date,
being 12 May 2005, that as at such business day the capital cover ratios in
relation to certain of the funders of the BEE transaction are not less than
certain agreed ratios. This condition precedent will be fulfilled unless there
are extreme movements in the FirstRand share price prior that date. As such
shareholders will only be informed in the unlikely eventuality that this
condition precedent is not timeously fulfilled.
Reminder of salient dates
Shareholders are reminded of the following salient dates relating to
the scheme:
2005
Last day to trade for shareholders to be eligible to Friday 6 May
receive the scheme consideration on
Shares trade `ex` the scheme on (1) Monday 9 May
Consideration record date on which shareholders must Friday 13 May
be recorded in the register of members of FirstRand
in order to receive the scheme consideration by 17:00
on
Operative date of the scheme at the commencement of Monday 16 May
trading on
Scheme consideration posted to certificated scheme Monday 16 May
participants (if documents of title are received on
or prior to the consideration record date) on or
about
or, failing receipt of documents of title on or
before the consideration record date, within five
business days of receipt thereof by the transfer
secretaries.
Dematerialised scheme participants have their Monday 16 May
accounts held at their CSDP or broker credited with
the scheme consideration and updated on
Listing and issue of the 119 million new ordinary Monday 16 May
shares on JSE Securities Exchange South Africa and
Namibian Stock Exchange at commencement of business
on
Note:
(1) Please be advised that the FirstRand ISIN Code will change from
ZAE000014973 to ZAE000066304 with effect from Monday 9 May 2005.
Sandton
3 May 2005
Merchant bank and joint sponsor
RMB Corporate Finance
(A division of FirstRand Bank Limited)
Lead sponsor
PWC Corporate Finance
Sponsor in Namibia
Simonis Storm Securities
Date: 03/05/2005 05:43:07 PM
Produced by the JSE SENS Department
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