Close

Not a member yet? Register now and get started.

lock and key

Sign in to your account.

Account Login

Forgot your password?

RESULTS OF THE SPECIFIC PRO RATA REPURCHASE OFFER

Introduction
Shareholders are referred to the circular posted to shareholders on 29 November
2002 and the subsequent announcement setting out the results of general meeting
on 24 December 2002. The specific pro rata offer made to all HCI shareholders
to purchase 75% of all their respective shares in the company (“the Repurchase
Offer”) closed at 16h00 on Friday 10 January 2003.

Results of the Repurchase Offer
221 724 576 ordinary shares (representing 59.74% of the issued capital) of 237,6
cents per share (“the repurchase consideration”) were accepted in respect of 278
382 949 ordinary shares. In regard to the right given to shareholders to tender
shares in excess of their entitlement in terms of the Repurchase Offer (“the
excess tender”), the board of directors has resolved to accept all of the 50 016
027 ordinary shares tendered. The Repurchase Offer and the excess tender are
collectively referred to hereinafter as “the Specific Repurchase”.

Payment
Cheques in respect of the repurchase consideration will be mailed at the risk of
certificated shareholders or cash electronically transferred to those
certificated shareholders who participated in the Specific Repurchase on Monday,
13 January 2003. Balance certificates (if applicable) owing to certificated
shareholders pursuant to the specific repurchase will be mailed to the
shareholders concerned, by registered mail, at the risk of such shareholders on
Monday, 13 January 2003. Dematerialised shareholders will have their accounts
held at their CSDP or broker credited and updated on Monday, 13 January 2003.

Listing
The total amount of 271 740 603 ordinary shares that were repurchased will be
cancelled and removed from the JSE Securities Exchange South Africa list from
the commencement of business on Tuesday, 14 January 2003.