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Hosken Consolidated Investments Limited -
Unconditionality Of The Mandatory Offer To Shareholders
Of Johnnic Holdings Limited ("Johnnic")
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI ISIN: ZAE000003257)
("HCI" or "the company")
UNCONDITIONALITY OF THE MANDATORY OFFER TO SHAREHOLDERS
OF JOHNNIC HOLDINGS LIMITED ("JOHNNIC")
The shareholders of HCI and Johnnic are referred to the
announcement dated 5 December 2005 in relation to the
mandatory offer ("the offer") extended by HCI, through
its wholly-owned subsidiary, Mercanto Investments
(Proprietary) Limited ("Mercanto") to Johnnic ordinary
shareholders ("Johnnic shareholders"), other than HCI or
its subsidiaries, to acquire the remainder of the issued
ordinary shares in the capital of Johnnic not owned by
HCI and its subsidiaries. Further to such announcement,
HCI is pleased to announce that the Competition Tribunal
approved the merger between Mercanto and Johnnic on
Wednesday 7 December 2005. The Competition Tribunal has
stipulated a condition that HCI undertake to procure that
Johnnic disposes of the Gallagher Estate Exhibition and
Conference Centre and/or Johnnic"s entire shareholding in
Gallagher Estate Holdings Limited within 12 months of the
Tribunal"s decision, or such later period as the Tribunal
may, on application by HCI, approve. HCI gave an
undertaking to the Tribunal on 7 December 2005 that it
will effect the required disposal, and in the
circumstances intends to comply with such term of the
approval within the time period stipulated by the
Tribunal. As a result, the offer is now unconditional and
the Johnnic shareholders who accepted the offer will
receive their elected offer consideration within the time
periods set out in the announcement released on the
Securities Exchange News Service on 17 November 2005.
7 December 2005
Investment Bank and Advisor:
Investec Corporate Finance
Lead sponsor:
Ernst & Young
Joint Sponsor:
Investec Bank Limited
Legal Advisor:
Sonnenberg Hoffmann Galombik
Corporate Advisor:
HJS
Date: 07/12/2005 03:40:07 PM Produced by the JSE SENS Department
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