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 82 949 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”.


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.


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.