Metorex - Metorex subsidiary, Wakefield, sells further stake to Umnotho
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN : ZAE000022745
Issuer code: MEMTX
(`Metorex` or `the company`)
METOREX SUBSIDIARY, WAKEFIELD INVESMENTS (PROPRIETARY) LIMITED (`WAKEFIELD`),
SELLS FURTHER STAKE TO UMNOTHO weSIZWE (`Umnotho`).
Shareholders are advised that a Heads of Agreement has been entered into between
Wakefield and Umnotho whereby Umnotho will acquire a further 16.5% interest in
Wakefield for a consideration of R44 million (`the transaction`). Umnotho`s
stake in Wakefield will consequently increase to 26%. Based on the transaction
consideration, Wakefield`s attributable value is approximately R267 million.
Umnotho will be funded in this transaction by a major financial institution,
subject to the conclusion of final agreements and documentation. The
consideration received by Wakefield will be used, in the first instance, to
settle its debt with the IDC.
Although the transaction is not a `category` transaction in terms of Section 9
of the Listings Requirements of the JSE Securities Exchange South Africa, it may
be subject to the Listings Requirements as regards a specific issue of shares
for cash to a related party and further information in this regard will be
provided in due course.
Johannesburg
20 May 2005
Sponsor
Barnard Jacobs Mellet (Pty) Limited
Corporate Finance
Date: 20/05/2005 04:15:01 PM
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