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Posting of the independent board's response circular in response to the African Dune mandatory offer circular
Dorbyl Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1911/001510/06
Share Code: DLV ISIN: ZAE000002184
("Company" or "Dorbyl")
POSTING OF THE INDEPENDENT BOARD’S RESPONSE CIRCULAR IN RESPONSE TO
THE MANDATORY OFFER CIRCULAR DISTRIBUTED BY AFRICAN DUNE INVESTMENTS
311 (PROPRIETARY) LIMITED (“AFRICAN DUNE”)
Shareholders are referred to the announcement on SENS on 29 November 2012
in which shareholders were advised of the salient dates and times relating
to the mandatory offer being made by African Dune (“the Mandatory Offer”)
following the posting of the African Dune circular which was distributed
to shareholders on 16 November 2012 (the African Dune Circular”).
Further to the above, shareholders are advised that the Independent Board’s
circular (“the Response Circular”) in response to the African Dune Circular
was posted to shareholders today. The Response Circular includes, inter alia,
the Independent Board’s views and recommendation regarding the Mandatory
Offer as well as an independent expert’s opinion thereon.
Shareholders are further advised that the salient dates and times as
previously announced on SENS remain unchanged and the Mandatory Offer will
close on Friday, 28 December 2012. As the Mandatory Offer is unconditional,
payment of the Mandatory Offer consideration to shareholders who elected to
participate in the Mandatory Offer will be made on Monday 31 December 2012.
Shareholders are further referred to the Joint Announcement regarding the
revised offer being made by The Industrial Development Corporation of
Southern Africa Limited (on behalf of Naledi Foundry of Republic of South
Africa Proprietary Limited) released on SENS on 7 December 2012 and in the
press on 10 December 2012 (“the Revised Offer”) and are advised that the
joint circular setting out the full details of the Revised Offer will be
posted in due course.
Johannesburg
13 December 2012
Sponsor to Dorbyl: PSG Capital Proprietary Limited
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