Kelgran Limited - Results Of Annual General Meetin
KLG
KLG
Kelgran Limited - Results Of Annual General Meeting And General Meeting
Kelgran Limited
(Incorporated in the Republic of South Africa)
(Registration number 1975/004595/06)
Share code: KLG & ISIN: ZAE000003885
("Kelgran" or "the company")
RESULTS OF ANNUAL GENERAL MEETING AND GENERAL MEETING
1. Results of annual general meeting
Shareholders are notified that at the annual general meeting held today, Friday,
31 March 2006 all the ordinary resolutions and the special resolution proposed
thereat were duly passed by the requisite majority votes. The special
resolution, amending the company"s articles of association to allow the company
to purchase its own shares, will be lodged for registration with the Registrar
of Companies in due course.
2. Results of general meeting
At a general meeting held today, Friday, 31 March 2006, all the ordinary and
special resolutions to give effect to the exercise of a put option, in terms of
which Kelgran will dispose of its remaining 49% interest in, and claims against,
Kelgran Investments (Pty) Limited to JVK S.r.l ("the transaction"), were
approved by the requisite majority votes.
The transaction remains subject to the fulfilment of the following remaining
suspensive conditions:
2.1 the approval of the Exchange Control Department of the South African Reserve
Bank; and
2.2 the approval by the relevant Competition Authorities within such reasonable
period as the Competition Authorities may require to provide the ruling.
3. Proposed distribution
Following conclusion of the transaction, the directors have resolved to proceed
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.
As the transaction remains subject to the fulfilment of certain suspensive
conditions, and the distribution is conditional upon the conclusion of the
transaction, the distribution to shareholders has been postponed. A further
announcement containing the revised salient dates and times pertaining to the
distribution will be published in due course.
Johannesburg
31 March 2006
Sponsor and corporate advisor
Bridge Capital
Attorneys
Routledge Modise Moss Morris Attorneys
Date: 31/03/2006 11:40:04 AM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
