WBHO - Withdrawal of offer for Concor Limited
WILSON BAYLY HOLMES-OVCON LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1982/011014/06)
Share code: WBO ISIN: ZAE000009932
(`WBHO`)
WITHDRAWAL OF OFFER FOR CONCOR LIMITED
WBHO shareholders are referred to the announcement released on the Securities
Exchange News Service of the JSE Limited on Monday, 20 June 2005, regarding
WBHO`s firm intention to make an offer (`the offer`) for the entire issued share
capital of Concor Limited (`Concor`).
The offer was subject to the fulfilment of certain conditions precedent,
including, inter alia:
- the conclusion of a due diligence investigation by WBHO in respect of
Concor and WBHO being satisfied with the results of such investigation; and
- the offer being accepted by Concor shareholders holding at least 50.1% of
the Concor shares in issue (`the Minimum Acceptance Condition`).
After completing the due diligence investigation, WBHO proposed a revised offer
price of 1 WBHO share for every 1.7 Concor ordinary shares (`the revised offer
price`).
Concor shareholders collectively holding more than 50.1% of the Concor shares in
issue have indicated to WBHO that they would not accept the offer at the revised
offer price. The Minimum Acceptance Condition is therefore incapable of being
fulfilled.
WBHO shareholders are accordingly advised that, with the consent of the
Securities Regulation Panel, WBHO will not be proceeding with the offer.
Sandton
10 August 2005
Investment Bank to WBHO
Investec Corporate Finance
Sponsor to WBHO
Investec Bank
Legal advisers to WBHO
Cliffe Decker
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