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Further Cautionary Announcement - Aeci

Release Date: 26/05/1998 17:05:52      Code(s): AFE AED5AFEP
AECI LIMITED
(REGISTRATION NUMBER 04/02590/06)
FURTHER CAUTIONARY ANNOUNCEMENT
FURTHER TO THE CAUTIONARY ANNOUNCEMENT DATED 23 APRIL 1998, SHAREHOLDERS ARE
REFERRED TO THE ANNOUNCEMENT MADE TODAY BY SASOL LIMITED ("SASOL") AND ANGLO
AMERICAN INDUSTRIAL CORPORATION LIMITED ("AMIC") WHEREBY AGREEMENT HAS BEEN
REACHED BETWEEN SASOL AND AMIC IN TERMS OF WHICH:
- SASOL WILL PROPOSE A SCHEME OF ARRANGEMENT IN TERMS OF SECTION 311 OF THE
COMPANIES ACT 1973 AS AMENDED ("THE SCHEME") BETWEEN AECI LIMITED ("AECI") AND
ITS ORDINARY SHAREHOLDERS WHICH, IF IMPLEMENTED, WILL RESULT IN SASOL OR ITS
NOMINEE ACQUIRING THE ENTIRE ISSUED ORDINARY SHARE CAPITAL OF AECI;
- THE CASH CONSIDERATION FOR WHICH SASOL WILL ACQUIRE THE AECI ORDINARY SHARES
WILL BE R30,00 PER AECI ORDINARY SHARE EX THE AECI INTERIM DIVIDEND FOR THE SIX
MONTHS ENDING 30 JUNE 1998 PLUS AN ADDITIONAL AMOUNT EQUAL TO THE INTEREST THAT
WOULD HAVE BEEN EARNED ON R30,00 PER AECI ORDINARY SHARE CALCULATED FROM 1 JULY
1998 TO THE DATE OF PAYMENT;
- THE SCHEME WILL BE SUBJECT TO APPROVAL BY THE COMPETITION BOARD, THE JSE, THE
SECURITIES REGULATION PANEL AND THE HIGH COURT OF SOUTH AFRICA.
SASOL ALSO INTENDS PROPOSING A SCHEME OF ARRANGEMENT TO ACQUIRE ALL OF THE
PREFERENCE SHARES IN AECI.
THE BOARD OF AECI AND ITS FINANCIAL ADVISOR, ING BARINGS, WILL CONSIDER THE
TERMS OF THE PROPOSED SCHEME OF ARRANGEMENT AND INFORM AECI SHAREHOLDERS OF
THEIR RECOMMENDATIONS AS SOON AS POSSIBLE.
ACCORDINGLY, SHAREHOLDERS ARE ADVISED TO CONTINUE TO EXERCISE CAUTION WHEN
DEALING IN THEIR SHARES IN AECI UNTIL A FURTHER ANNOUNCEMENT IS MADE.
JOHANNESBURG
26 MAY 1998
FINANCIAL ADVISOR
ING BARINGS
SPONSORING BROKER
ING BARINGS SOUTHERN AFRICA (PROPRIETARY) LIMITED
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)
(REGISTRATION NUMBER 94/04352/07)



                                        
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