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African Oxygen Limited - Scheme Of Arrangement Proposed By Business Venture

Release Date: 02/04/2004 15:05:37      Code(s): AFX
African Oxygen Limited - Scheme of arrangement proposed by Business Venture     
Investments No 790 (Proprietary) Limited between Afrox Healthcare Limited and   
its shareholders                                                                
African Oxygen Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1927/000089/06)                                            
Share code: AFX                                                                 
ISIN: ZAE000030920                                                              
("Afrox")                                                                       
Scheme of arrangement proposed by Business Venture Investments No 790           
(Proprietary) Limited between Afrox Healthcare Limited and its shareholders     
The attention of Afrox shareholders is drawn to the joint announcement published
today by Business Venture Investments No 790 (Proprietary) Limited ("Bidco") and
Afrox Healthcare Limited ("Ahealth") regarding the scheme of arrangement        
proposed by Bidco between Ahealth and its shareholders. In terms of the         
announcement Ahealth shareholders, of which Afrox is one, were advised that the 
implementation of the scheme is still subject to the fulfilment of certain      
conditions precedent, including:                                                
     -    the sanction of the scheme by the High Court of South Africa;         
-    the registration of a certified copy of the Order of Court sanctioning
the scheme by the Registrar of Companies in terms of the Companies Act; and     
     -    the obtaining of the requisite approvals for the implementation of    
Bidco"s acquisition of Ahealth from the Competition Authorities in terms of the 
Competition Act, 89 of 1998.                                                    
As the approval of the Competition Authorities is still awaited, the last day   
for Ahealth shareholders to trade on the JSE Securities Exchange South Africa to
be eligible to receive the consideration payable in terms of the scheme, has    
been postponed. It is expected that a further announcement incorporating the    
revised salient dates and the status of the remaining conditions precedent will 
be made in due course.                                                          
Johannesburg                                                                    
2 April 2004                                                                    
Financial advisor to Afrox                                                      
JPMorgan                                                                        
Legal advisor to Afrox                                                          
Bowman-Gilfillan                                                                
Competition Law advisors to Afrox                                               
Edward Nathan & Friedland                                                       
Sponsor to Afrox                                                                
Nedbank Capital                                                                 
Date: 02/04/2004 03:05:40 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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