Scharrig Mining Limited - Posting Of Circular Rela
Scharrig Mining Limited - Posting Of Circular Relating To A Mandatory Offer To
Schamin Minority Shareholders
SCHARRIG MINING LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1992/001973/06)
SHARE CODE: SCN ISIN: ZAE000006474
(`SCHAMIN` OR `THE COMPANY`)
POSTING OF CIRCULAR RELATING TO A MANDATORY OFFER TO SCHAMIN MINORITY
SHAREHOLDERS
Introduction
Shareholders are referred to the announcement published on SENS on 18 July 2005
relating to a mandatory offer of 228.6 cents per Schamin share to Schamin
minority shareholders by a BEE Consortium led by Mr Dines Gihwala and Mr Richard
Jonah (`the offer`).
Posting of circular
The offer circular to shareholders has been posted today and accordingly the
offer is open for acceptance.
Independent advice to minority shareholders
Sasfin Corporate Finance has been appointed as independent advisor to the offer,
has considered the terms and conditions of the offer and are of the opinion that
such terms and conditions are not fair and not reasonable to minority
shareholders of Schamin.
Notes to the financial statements for the year ended 31 March 2005
The offer circular contains notes to the financial statements for the year ended
31 March 2005 which have not yet been published as the audited 2005 results
announcement of 27 June 2005 did not include these notes. The 2005 annual
report is expected to be finalised and published shortly and shareholders will
be advised when it is posted.
Boksburg
28 July 2005
Sponsor and independent Auditors and reporting
advisor accountants to Schamin
BDO Spencer Steward (KZN)
Sasfin Corporate Finance Inc.
A division on Sasfin Bank
Limited
Date: 28/07/2005 10:30:02 AM
Produced by the JSE SENS Department
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