2000/04/07
COMPULSORY ACQUISITION OF ALL REMAINING IVS SHARES AND TERMINATION OF LISTING [JSE Securities Exchange - SENS]
 
07/04/2000 - 20:02:32

THE BIDVEST GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER")
("BIDVEST")
ISLAND VIEW STORAGE LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER")
("IVS")
COMPULSORY ACQUISITION OF ALL REMAINING IVS SHARES AND TERMINATION OF LISTING
OF IVS
1.  INTRODUCTION
IVS SHAREHOLDERS ARE REFERRED TO THE PRESS ANNOUNCEMENT DATED 18 FEBRUARY 2000
AND TO THE CIRCULAR TO IVS SHAREHOLDERS DATED 18 FEBRUARY 2000 IN WHICH BIDVEST
GAVE NOTICE, IN TERMS OF SECTION 440K OF THE COMPANIES ACT, 1973 (ACT 61 OF
1973), AS AMENDED ("THE ACT"), OF ITS INTENTION TO COMPULSORILY ACQUIRE THE IVS
SHARES HELD BY THOSE IVS SHAREHOLDERS WHO DID NOT ACCEPT BIDVEST'S OFFER
CONTAINED IN BIDVEST'S OFFER CIRCULAR DATED 18 JANUARY 2000 ("THE OFFER
CIRCULAR").
2. COMPULSORY ACQUISITION
DURING THE SIX-WEEK PERIOD FROM 18 FEBRUARY 2000 TO 31 MARCH 2000, NO IVS
SHAREHOLDER MADE AN APPLICATION TO THE HIGH COURT OF SOUTH AFRICA FOR AN ORDER
IN TERMS OF SECTION 440K(1)(A) OF THE ACT.
ACCORDINGLY, THE OFFER CONSIDERATION OF R12,89 PER IVS SHARE, WHICH IS SET OUT
IN THE OFFER CIRCULAR, PAYABLE TO THOSE IVS SHAREHOLDERS WHO HAD NOT
SURRENDERED THEIR SHARE CERTIFICATES AND/OR OTHER DOCUMENTS OF TITLE BY THE
CLOSE OF BUSINESS ON 31 MARCH 2000 ("THE REMAINING IVS SHAREHOLDERS"), WILL BE
PAID INTO A SEPARATE BANK ACCOUNT, ADMINISTERED BY MERCANTILE REGISTRARS
LIMITED, TO BE HELD IN TRUST FOR THE REMAINING IVS SHAREHOLDERS IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 440K(4) OF THE ACT. SIMULTANEOUSLY, INSTRUMENTS
OF TRANSFER WILL BE SIGNED ON BEHALF OF BIDVEST AND THE IVS SHARES OF THE
REMAINING IVS SHAREHOLDERS TRANSFERRED TO BIDVEST.
3.  TERMINATION OF LISTING ON THE JOHANNESBURG STOCK EXCHANGE ("THE JSE") THE
LISTING OF IVS SHARES UNDER THE INDUSTRIAL - "TRANSPORT" SECTOR OF THE JSE,
WILL BE TERMINATED WITH EFFECT FROM THE CLOSE OF BUSINESS ON FRIDAY, 7 APRIL
2000.
JOHANNESBURG
7 APRIL 2000
MERCHANT BANK TO BIDVEST
INVESTEC CORPORATE FINANCE
INVESTEC BANK LIMITED
(REGISTRATION NUMBER 1969/004763/06)
FINANCIAL ADVISERS TO IVS
ING BARINGS SOUTHERN AFRICA LIMITED
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
(REGISTRATION NUMBER 1994/004352/07)
ATTORNEYS TO BIDVEST
WERKSMANS ATTORNEYS
ATTORNEYS TO IVS
GARLICKE & BOUSFIELD INC. ATTORNEYS
REGISTRATION NUMBER 77/03506/21
PRODUCED BY: ANUSHA MOTHILALL 07-04-2000 07:42 SENS

PUBLISHER : JSE SENS Feed
Source: JSE Securities Exchange - SENS
 
DISCLAIMER: http://www.mcgbfa.com/disclaimer.htm
 
Email
 
Print