Schamin - Results of mandatory offer to Schamin mi
Schamin - Results of 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`)
RESULTS OF MANDATORY OFFER TO SCHAMIN MINORITY SHAREHOLDERS
It was announced on SENS on 18 July 2005 that a BEE consortium had exercised an
option to purchase 34.38 million shares in the Company from Mr T Scharrighuisen
(`the option`) at an exercise price of 228.6 cents (`the offer price`) per
Schamin share, being a 42.9% discount to the closing price at which Schamin
shares traded on 13 July 2005 (the last trading day on which Schamin shares were
traded on the JSE Limited prior to the date of exercise by the BEE consortium of
the option). Pursuant to the exercise of the option, the BEE consortium held
41.17% of the Company`s issued share capital. The exercise of the option
constituted an affected transaction in terms of the Securities Regulation Panel
Code on Take-Overs and Mergers. The BEE consortium was accordingly obliged to
extend an offer to the Schamin minority shareholders to acquire all or part of
their Schamin shares in exchange for a cash consideration of the offer price
(`the offer to minorities`).
The offer to minorities opened at 9:00 on Thursday, 28 July 2005 and closed at
12:00 on Friday, 19 August 2005. Shareholders holding 2 956 shares representing
0.002% of all shareholders in the company have accepted the offer to minorities.
Boksburg
22 August 2005
SPONSOR
SASFIN CORPORATE FINANCE
A DIVISION ON SASFIN BANK LIMITED
Date: 22/08/2005 05:05:05 PM
Produced by the JSE SENS Department
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