Imperial - Sanction by the court of Imperial"s 7.2
Imperial - Sanction by the court of Imperial`s 7.25% BEE transaction
Imperial Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1946/021048/06
JSE code: IPL
ISIN: ZAE000003620
(`Imperial`)
SANCTION BY THE COURT OF IMPERIAL`S 7.25% BLACK ECONOMIC EMPOWERMENT TRANSACTION
Shareholders are advised that The High Court of South Africa (Witwatersrand
Local Division) today granted an Order (`the Order`) sanctioning the scheme of
arrangement in terms of section 311 of the Companies Act No. 61 of 1973, as
amended, proposed by Imperial between Imperial and its shareholders, other than
Ukhamba Holdings (Proprietary) Limited and Imperial Corporate Services
(Proprietary) Limited (`the scheme`) relating to a black economic empowerment
transaction concluded between Imperial and Lereko Mobility (Proprietary)
Limited, a company formed by a broad-based consortium led by Lereko Investments
(Proprietary) Limited.
The special resolutions passed at the general meeting held on Monday, 6 June
2005 have been registered by the Registrar of Companies and a copy of the Order
is expected to be registered by the Registrar of Companies on Wednesday 15 June
2005. In addition, the condition precedent to the implementation of the scheme
that no breach of the asset cover required by the preference share funders
providing the senior funding occurs prior to the sanctioning of the scheme has
been met.
The scheme will be implemented according to the timetable contained in the
announcement dated 6 June 2005. Shareholders of Imperial are reminded that the
last day to trade to participate in the scheme will be Friday, 17 June 2005 and
the operative date of the scheme will be Monday, 27 June 2005.
Johannesburg
14 June 2005
Merchant bank to Imperial and transaction adviser
Rand Merchant Bank
Sponsor to Imperial
Merrill Lynch South Africa
Legal advisers to Imperial
TWB
Date: 14/06/2005 02:26:04 PM
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