NAIL - Makana Settlement
New Africa Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
Share codes: NAI and NAN
ISIN codes: ZAE000033338 and ZAE000033346
(`NAIL`)
Makana Settlement
On 15 April 2005 New Africa Investments Limited (`NAIL`) concluded a settlement
agreement with, inter alia, Makana Investment Corporation (Proprietary) Limited,
P4 Radio Cape Town (Proprietary) Limited and P4 Radio Durban (Proprietary)
Limited for an amount of R26 million (the `Settlement Agreement`). The
Settlement Agreement governs the terms on which the parties thereto have settled
various disputes which have arisen between them relating to funds advanced by
the NAIL Group to companies within the Makana Group.
Primedia Limited announced a conditional offer on 17 December 2004 to acquire
all the issued shares in NAIL. The Securities Regulation Panel (`SRP`) has
ruled that neither the Settlement Agreement nor its implementation constitutes
frustrating action as contemplated in Rule 19 of the Code. As such its
conclusion and implementation does not require NAIL shareholder approval in a
general meeting. The SRP has ruled that its aforementioned ruling is
conditional upon the essence of the ruling being published as a paid
announcement in at least one national English daily newspaper and accordingly
the publication of this announcement is being made.
Bryanston
30 June 2005
Investment bank
Investec Corporate Finance
Corporate law advisesr and consultants
Edward Nathan (Proprietary) Limited
Sponsor
Investec Bank Limited
Date: 30/06/2005 02:51:07 PM
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