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STANBIC NOTICE TO SHAREHOLDERS

Release Date: 31/03/2000 13:06
Code(s): SBK SBKP
Wrap Text
STANDARD BANK INVESTMENT CORPORATION LIMITED
(REGISTRATION NUMBER 1969/017128/06)
("STANBIC")
NOTICE TO SHAREHOLDERS

STANBIC IS PLEASED THAT THE APPEAL COURT JUDGEMENT HAS CLARIFIED THE REGULATORY PROCESS. IT IS STANBIC'S INTENTION TO CO-OPERATE FULLY WITH THE REGULATORS IN ORDER TO DETERMINE SPEEDILY WHETHER OR NOT NEDCOR'S HOSTILE BID MAY PROCEED. THE BOARD OF STANBIC REITERATES ITS VIEW THAT NEDCOR'S HOSTILE BID IS NOT IN THE INTERESTS OF STANBIC SHAREHOLDERS. THE BID IS INADEQUATE AND HAS BEEN DELIBERATELY STRUCTURED TO ALLOW THE OLD MUTUAL GROUP TO ACHIEVE CONTROL OF STANBIC AND LIBERTY WITH SUPPORT FROM ONLY A MINORITY OF INDEPENDENT STANBIC SHAREHOLDERS. SHAREHOLDERS ARE ADVISED TO TAKE NO ACTION UNTIL THE OUTCOME OF THE REGULATORY PROCESS IS KNOWN. 31 MARCH 2000 JOHANNESBURG

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