Independent Financial Services Limited - Offer To Shareholders
Independent Financial Services Limited
(Incorporated in the Republic of South Africa)
Registration number 1950/037061/06
Share code: IND
ISIN: ZAE000025300
("IFS" or "the company")
OFFER TO SHAREHOLDERS
As detailed in the announcement on 20 April 2005 and in the circular to
shareholders dated 17 August 2005, entities owned or controlled by Mr J W
Simpson, chief executive officer of IFS, conditionally sold 26 640 000 shares in
IFS to a consortium led by Mr Des Rosen ("the purchaser") at a price of 8,82
cents per share.
The sale of shares has been implemented and, as the shares acquired constitute
more than 35% of the total issued share capital of IFS, the purchaser will make
an offer to IFS shareholders (in terms of the provisions of the Securities
Regulation Code on Takeovers and Mergers) to acquire all of the shares in IFS
that it does not already own at a price of 8,82 cents per share.
The IFS board will appoint an independent advisor to advise the IFS shareholders
on whether the offer is fair and reasonable. The independent advice will be
contained in the offer circular which will be sent to shareholders within 30
days of the date of this announcement.
The Securities Regulation Panel has been provided with independent confirmation
that the purchaser has sufficient cash resources to discharge its obligations
under the offer.
Johannesburg
27 October 2005
Corporate Advisors
Java Capital (Proprietary) Limited
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 27/10/2005 01:02:03 PM Produced by the JSE SENS Department
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