| Fri 10 Mar 2006, 12:44 | | Kelgran Limited - Exercise Of Put Option-Proposed |
|
KLG
KLG
Kelgran Limited - Exercise Of Put Option-Proposed Distribution
Kelgran Limited
(Incorporated in the Republic of South Africa)
(Registration number 1975/004595/06)
Share code: KLG & ISIN: ZAE000003885
("Kelgran" or "the company")
EXERCISE OF PUT OPTION
PROPOSED DISTRIBUTION
Circular posted to shareholders
In a detailed announcement published in the press on 18 January 2006,
shareholders were notified that Kelgran had entered into an agreement with JVK
S.r.l ("JVK") to give effect to the exercise of a put option, in terms of which
Kelgran will, subject to shareholder approval, dispose of its remaining 49%
interest in, and claims against, Kelgran Investments (Pty) Limited to JVK
("transaction").
A circular, giving details of the transaction, and incorporating a notice of
general meeting, was posted to shareholders on Thursday, 9 March 2006.
Proposed distribution
Following conclusion of the transaction, the directors have resolved to proceed,
subject to shareholder approval, with a cash distribution of approximately 28
cents per share out of share premium ("the distribution"), such that following
the distribution the company will have a minimum cash balance of R1 million.
Details of this distribution are also contained in the aforementioned circular.
Following the transaction and the distribution the company"s only remaining
asset will be cash and the directors are considering various proposals with
regards to the company"s future and will in the foreseeable future either return
the remaining cash to shareholders and wind the company up or present the
shareholders with a viable alternative for consideration and approval.
Salient dates and times
Set out below are the salient dates and times pertaining to the transaction and
the distribution:
2006
Circular posted to Kelgran shareholders on Thursday, 9 March
Last day for receipt of forms of proxy in Wednesday, 29 March
respect of the general meeting by no later
than 10:00 on
General meeting to be held at 10:00 on Friday, 31 March
Results of general meeting released on SENS Friday, 31 March
on
Results of general meeting published in the Monday, 3 April
press on
Last day to trade in order to participate in Thursday, 20 April
the distribution on
Shares trade "ex" the entitlement to Friday, 21 April
participate in the distribution on
Record date to participate in the Friday, 28 April
distribution on
Payment date for the distribution on Tuesday, 2 May
Notes
The abovementioned dates and times are subject to change. Any such change
will be released on SENS and published in the press.
Shareholders may not dematerialise or rematerialise their shares between
Friday, 21 April 2006 and Friday, 28 April 2006, both days inclusive.
Johannesburg
10 March 2006
Sponsor and corporate advisor: Bridge Capital Services (Pty) Limited
Attorneys: Routledge Modise Moss Morris
Date: 10/03/2006 12:44:05 PM Produced by the JSE SENS Department
