Massmart Holdings Limited - Results Of General Mee
Massmart Holdings Limited - Results Of General Meeting And Proposed Capital
Raising
Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1940/014066/06)
Share code: MSM ISIN: ZAE000029534
(`Massmart` or `the Company`)
RESULTS OF GENERAL MEETING AND PROPOSED CAPITAL RAISING
Introduction
A circular, convening a general meeting of shareholders of the Company, was
posted to all shareholders on 30 August 2005. The purpose of the circular was
to obtain shareholder approval for the creation and issue of non-redeemable,
cumulative, non-participating preference shares (`preference shares`). Massmart
intends to issue sufficient preference shares, through a private placement, in
order to raise R500 million of capital for the acquisition of Moresport
(Proprietary) Limited (`Moresport`), which is subject to Competition Commission
approval.
RESULTS OF GENERAL MEETING
The directors announce that, at the general meeting held on 21 September 2005,
the special resolutions to:
* increase the authorised share capital of the Company by the creation of 20 000
000 preference shares; and
* amend the Company`s Articles of Association to incorporate the rights,
privileges, restrictions and conditions attaching to the preference shares were
passed by the requisite majorities.
The ordinary resolution to place the new authorised but unissued preference
shares under the control of the directors was also passed by the requisite
majority.
The special resolutions will shortly be lodged for registration with the
Registrar of Companies.
CAPITAL RAISING
The Competition Commission is still considering Massmart`s proposed acquisition
of Moresport. As a consequence, Massmart will delay the issue of any preference
shares until such time as the Competition Tribunal gives its ruling on the
proposed acquisition.
A further announcement will be made when more information is available.
Sandton
22 September 2005
Investment bank and joint sponsor
Standard Bank
Lead sponsor
Deutsche Securities
Corporate law advisers
Edward Nathan
Date: 22/09/2005 08:08:41 AM
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