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NETCARE - ANNOUNCEMENT

Release Date: 07/02/2000 17:25
Code(s): NTC
Wrap Text
NETWORK HEALTHCARE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 96/08242/06)
("NETCARE" OR "THE COMPANY")
ANNOUNCEMENT

IT WAS ANNOUNCED ON 2 DECEMBER 1999 THAT, SUBJECT TO SHAREHOLDERS' APPROVAL, IT WAS PROPOSED THAT A CAPITAL DISTRIBUTION TO SHAREHOLDERS OF 4 CENTS PER ORDINARY SHARE WOULD BE UNDERTAKEN. SUBSEQUENT TO THE RECENT AMENDMENT OF THE COMPANIES ACT ("THE ACT"), THE AMENDMENT OF THE ARTICLES IS REQUIRED, INTER ALIA, TO FACILITATE THE PROPOSED CAPITAL DISTRIBUTION.
IN ADDITION, IT IS PROPOSED, INTER ALIA, THAT PURSUANT TO RECENT AMENDMENTS TO THE ACT:
- THE COMPANY AMEND ITS ARTICLES OF ASSOCIATION TO CATER FOR THE
DEMATERIALISATION OF SHARE CERTIFICATES AND THE POSSIBILITY OF REPURCHASING ITS OWN SHARES; AND
- THE DIRECTORS ARE GRANTED A GENERAL AUTHORITY TO FACILITATE THE ACQUISITION OF SHARES IN THE COMPANY.
A GENERAL MEETING OF SHAREHOLDERS HAS BEEN CONVENED FOR WEDNESDAY, 1 MARCH 2000 TO CONSIDER THESE PROPOSALS IN TERMS OF A CIRCULAR AND A NOTICE OF GENERAL MEETING WHICH WILL BE POSTED TO SHAREHOLDERS ON 8 FEBRUARY 2000.
IN THE EVENT THAT THE NECESSARY RESOLUTIONS ARE PASSED BY THE REQUISITE MAJORITIES AND THE NECESSARY SPECIAL RESOLUTION IS REGISTERED WITH THE REGISTRAR OF COMPANIES, A CASH PAYMENT OF 4 CENTS PER ORDINARY SHARE WILL BE MADE ON OR ABOUT 6 MARCH 2000 BY WAY OF A REDUCTION OF THE SHARE PREMIUM ACCOUNT TO NETCARE ORDINARY SHAREHOLDERS, REGISTERED AS SUCH ON 3 MARCH 2000 ("LDR").
SHAREHOLDERS ARE ADVISED THAT A FURTHER ANNOUNCEMENT WILL BE MADE ON OR ABOUT 3 MARCH 2000 CONFIRMING THE RESULTS OF THE GENERAL MEETING AS WELL AS THE LDR. 8 FEBRUARY 2000 ATTORNEYS HR LEVIN SPONSORING BROKER MERRILL LYNCH SOUTH AFRICA (PTY) LTD MEMBER OF THE JOHANNESBURG STOCK EXCHANGE REGISTRATION NUMBER 95/01805/07

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