Sasani Limited - Company Announcement
Sasani Limited
(Incorporated in the Republic of South Africa)
(Registration number 1955/000259/06)
Share code: SSA ISIN: ZAE000044384
(`Sasani`)
POSTPONEMENT OF THE HEARING FOR SANCTION BY THE COURT OF THE SCHEME OF
ARRANGEMENT IN TERMS OF SECTION 311 OF THE COMPANIES ACT, ACT NO. 61 OF 1973, AS
AMENDED, PROPOSED BY AMRITE INVESTMENTS (PROPRIETARY) LIMITED BETWEEN SASANI AND
ITS SHAREHOLDERS (OTHER THAN SASANI MANAGEMENT COMPANY (PROPRIETARY)
LIMITED)(`THE SCHEME`)
Further to the announcements of 6 July 2005 and 1 August 2005, shareholders are
advised that the application to the High Court of South Africa (`the Court`) for
sanction of the scheme, scheduled to have taken place yesterday, Tuesday, 16
August 2005, will be postponed as a result of Tafelberg Industries Limited
(`Tafelberg`), duly represented by the legal firm of Werksmans Inc, having
brought an application to oppose the abovementioned sanction. It should be
noted that the application to oppose the sanction of the scheme has been brought
notwithstanding the fact that the scheme was unanimously approved by scheme
members present or represented at the scheme meeting and representing 83,63% of
the total issued share capital of Sasani.
Legal representatives for Sasani and Tafelberg appeared before the Court today.
Arising from such appearance, the Court has ordered that the hearing for the
application for the sanction of the scheme be postponed to the week commencing 6
September 2005, when argument will be heard by counsel for Sasani and Tafelberg.
An announcement regarding the outcome of the Court hearing and implications
thereof for the timing of the payment to scheme members of the scheme
consideration will be made as soon as practicably possible.
Johannesburg
17 August 2005
Corporate adviser and sponsor to Sasani
PricewaterhouseCoopers Corporate Finance (Pty) Limited
Independent corporate law adviser to Sasani
Tabacks
Legal advisers to the consortium (Harty Rushmere)
Date: 17/08/2005 03:33:15 PM
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