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BIDVEST/IVS - RESULTS OF THE OFFER TO IVS SHAREHOLDERS

Release Date: 18/02/2000 08:12
Code(s): BVT IVS
Wrap Text
THE BIDVEST GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/21180/06)
("BIDVEST")
ISLAND VIEW STORAGE LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 52/00715/06)
("IVS")

RESULTS OF THE OFFER TO IVS SHAREHOLDERS AND NOTICE IN TERMS OF SECTION 440K(1)(A) OF THE COMPANIES ACT 1. RESULTS OF OFFER TO IVS SHAREHOLDERS
IVS SHAREHOLDERS ARE REFERRED TO THE CIRCULAR DATED 18 JANUARY 2000 ("THE OFFER CIRCULAR") AND TO THE ANNOUNCEMENTS PUBLISHED IN THE PRESS ON 17 SEPTEMBER 1999, 20 DECEMBER 1999 AND 18 JANUARY 2000, RELATING TO THE OFFER BY BIDVEST TO THE SHAREHOLDERS OF IVS, OTHER THAN BIDVEST ("THE IVS SHAREHOLDERS"), TO ACQUIRE ALL OR PART OF THEIR IVS SHARES ("THE OFFER") FOR AN OFFER
CONSIDERATION OF R12,89 PER IVS SHARE ("THE OFFER CONSIDERATION").
THE OFFER HAS BEEN ACCEPTED BY IVS SHAREHOLDERS HOLDING 23 692 619 IVS SHARES, REPRESENTING 98,14% OF THE IVS SHARES WHICH WERE SUBJECT TO THE OFFER. 2. 440K NOTICE
AS THE OFFER HAS BEEN ACCEPTED BY THE HOLDERS OF MORE THAN 90% OF THE IVS SHARES WHICH WERE SUBJECT TO THE OFFER, BIDVEST HEREBY GIVES NOTICE OF ITS INTENTION TO COMPULSORILY ACQUIRE, IN TERMS OF SECTION 440K(1)(A) OF THE COMPANIES ACT, 1973 (ACT 61 OF 1973), AS AMENDED ("THE ACT"), THE IVS SHARES HELD BY THOSE IVS SHAREHOLDERS WHO DID NOT ACCEPT THE OFFER ("THE REMAINING IVS SHARES") ON THE SAME TERMS AND CONDITIONS AS CONTAINED IN THE OFFER ("THE COMPULSORY ACQUISITION").
AN APPLICATION HAS BEEN MADE TO THE COMMITTEE OF THE JOHANNESBURG STOCK EXCHANGE ("THE JSE") TO SUSPEND THE LISTING OF IVS SHARES ON THE JSE WITH EFFECT FROM THE CLOSE OF TRADING ON FRIDAY, 18 FEBRUARY 2000. AN APPLICATION WILL BE MADE TO THE COMMITTEE OF THE JSE AFTER
31 MARCH 2000 TO TERMINATE THE LISTING OF IVS SHARES ON THE JSE.
3. SURRENDER OF DOCUMENTS OF TITLE AND PAYMENT OF OFFER CONSIDERATION
A CIRCULAR, WHICH HAS BEEN APPROVED BY THE JSE AND THE SECURITIES REGULATION PANEL, SETTING OUT FULL DETAILS OF THE COMPULSORY ACQUISITION ("THE COMPULSORY ACQUISITION CIRCULAR") HAS TODAY BEEN POSTED TO ALL IVS SHAREHOLDERS CURRENTLY REFLECTED IN IVS'S SHARE REGISTER AS SHAREHOLDERS WHO HAVE NOT ACCEPTED THE OFFER ("THE REMAINING IVS SHAREHOLDERS").
THE REMAINING IVS SHAREHOLDERS ARE REQUESTED TO SURRENDER THEIR SHARE
CERTIFICATES OR OTHER DOCUMENTS OF TITLE IN RESPECT OF THEIR IVS SHARES ("DOCUMENTS OF TITLE"), TOGETHER WITH A PROPERLY COMPLETED AND SIGNED FORM OF SURRENDER (ATTACHED TO THE COMPULSORY ACQUISITION CIRCULAR), AS SOON AS POSSIBLE AND RETURN THESE TO IVS'S TRANSFER SECRETARIES.
CHEQUES IN RESPECT OF THE OFFER CONSIDERATION WILL BE POSTED BY REGISTERED POST TO THOSE REMAINING IVS SHAREHOLDERS WHO COMPLETE AND RETURN THE FORM OF SURRENDER, AT THE RISK OF THE SHAREHOLDERS CONCERNED TO THE ADDRESS AS DISCLOSED, OR DEPOSITED DIRECTLY INTO THE SHAREHOLDER'S PERSONAL (NOT THIRD PARTY) BANK ACCOUNT, DEPENDING ON THE SHAREHOLDER'S INSTRUCTIONS CONTAINED IN THE PROPERLY COMPLETED FORM OF SURRENDER. PAYMENT WILL BE MADE WITHIN SEVEN DAYS OF RECEIPT OF THE PROPERLY COMPLETED FORM OF SURRENDER AND VALID DOCUMENTS OF TITLE. IF NO CHOICE IS MADE REGARDING THE METHOD OF PAYMENT, PAYMENT WILL BE MADE BY A CHEQUE PAYABLE TO THE SHAREHOLDER CONCERNED IN THE MANNER SET OUT ABOVE.
THE IVS SHARES OF THOSE IVS SHAREHOLDERS WHO DO NOT SURRENDER THEIR DOCUMENTS OF TITLE WITHIN THE TIME PERIODS STIPULATED IN THE COMPULSORY ACQUISITION CIRCULAR, WILL BE COMPULSORILY ACQUIRED BY BIDVEST. IN SUCH EVENT, THE OFFER CONSIDERATION WILL BE HELD IN TRUST BY IVS, FOR THE BENEFIT OF SUCH IVS SHAREHOLDERS, IN TERMS OF SECTION 440K(4) OF THE ACT. JOHANNESBURG FEBRUARY 17, 2000 MERCHANT BANK TO BIDVEST INVESTEC CORPORATE FINANCE INVESTEC BANK LIMITED (REGISTRATION NUMBER 1969/004763/06) ATTORNEYS TO BIDVEST WERKSMANS ATTORNEYS FINANCIAL ADVISER TO IVS ING BARINGS ATTORNEYS TO IVS GARLICKE & BOUSFIELD INC. ATTORNEYS REGISTRATION NUMBER 77/03506/21

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