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Beige Holdings Limited - Competition Commission Approval
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161 & Share code: BEG
COMPETITION COMMISSION APPROVAL OF THE ACQUISITION OF QUALITY PRODUCTS DIVISION
AND QUALITY PRODUCTS (PROPRIETARY) LIMITED (TOGETHER "QUALITY PRODUCTS"),
SUCCESSFUL LEGAL ACTION AND CAUTIONARY ANNOUNCEMENT
Update on Acquisition
In an announcement on 19 July 2005 shareholders were advised of the acquisition
by Beige, in partnership with Thebe and Mothebe, of the shares in and the
divisional business and assets of Quality Products from Unilever South Africa
Home and Personal Care (Proprietary) Limited with effect from 31 August 2005,
subject to certain conditions precedent. The directors of Beige are pleased to
announce that Competition Commission approval has been obtained for the
acquisition and that irrevocable undertakings have been received from over 50%
of Beige shareholders to vote in favour of the acquisition at the general
meeting to be held for the purpose of approving the acquisition.
The rights offer and acquisition circular, incorporating a notice of general
meeting, are in the process of being finalised. The terms of the partially
underwritten rights offer are expected to be announced within the next week.
Successful legal action
The directors advise that Beige have successfully defended the last of the old
claims against Beige whereby the company had a contingent liability relating to
a claim of R750 000.
Cautionary announcement
Shareholders are advised that the company has entered into discussions which, if
successfully concluded, may have a material effect on the price at which the
company"s securities trade on the JSE Limited. Shareholders are accordingly
advised to exercise caution in dealing in their shares until such time as a
further announcement is made.
In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on AltX and are advised that the JSE does
not guarantee the viability or the success of a company listed on AltX. In
terms of JSE Listings Requirements a Designated Adviser has to be retained by
the company. The Designated Adviser is required to, inter alia, attend all
board meetings held by the company to ensure that all JSE Listings Requirements
and applicable regulations are complied with, approve the financial director of
the company and guide the company in a competent, professional and impartial
manner. If the company fails to retain a Designated Adviser it must make
arrangements to appoint a new Designated Adviser within 10 business days,
failing which the company faces suspension of trading of its securities. If a
Designated Adviser is not appointed within 30 days of its suspension the company
faces the termination of its listing without an offer to minorities.
Johannesburg
19 October 2005
Designated Advisor
Arcay Corporate Services
Company Secretary
Arcay Client Support (Pty) Ltd
Date: 20/10/2005 08:30:03 AM Produced by the JSE SENS Department
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