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ESCHER GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1998/014568/06)
("ESCHER")
PSG GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1970/008484/06)
("PSG GROUP")
SALIENT DATES OF THE RENOUNCEABLE RIGHTS OFFER
1. INTRODUCTION
PSG GROUP SHAREHOLDERS WERE ADVISED ON 19 MAY 2000 THAT PSG GROUP WOULD
RENOUNCE TO ITS SHAREHOLDERS THE RIGHTS TO SUBSCRIBE FOR 41 850 000 NEW ESCHER
SHARES AT 100 CENTS PER SHARE ("THE NEW ESCHER SHARES") IN THE RATIO OF 30 NEW
ESCHER SHARES FOR EVERY 100 PSG GROUP SHARES HELD ON 26 MAY 2000 ("THE
RENOUNCEABLE RIGHTS OFFER").
PSG INVESTMENT BANK IS AUTHORISED TO ANNOUNCE THAT THE COMMITTEE OF THE
JOHANNESBURG STOCK EXCHANGE ("THE JSE') HAS GRANTED THE LISTING OF:
- THE 41 850 000 RENOUNCEABLE (NIL PAID) LETTERS OF ALLOCATION TO BE ISSUED IN
TERMS OF THE RENOUNCEABLE RIGHTS OFFER; AND
- THE ENTIRE SHARE CAPITAL OF ESCHER OF 300 000 000 SHARES AFTER THE
RENOUNCEABLE RIGHTS OFFER, SUBJECT TO THE NECESSARY SPREAD OF SHAREHOLDERS
BEING OBTAINED.
2. SALIENT DATES
2000
LAST DAY TO REGISTER IN ORDER TO PARTICIPATE IN THE
RENOUNCEABLE RIGHTS OFFER BY CLOSE OF BUSINESS FRIDAY, 26 MAY
LISTING OF LETTERS OF ALLOCATION COMMENCES
ON THE JSE AT 09:00 MONDAY, 29 MAY
LAST DAY FOR RECEIPT OF LATE POSTAL REGISTRATIONS,
POSTMARKED ON OR BEFORE FRIDAY, 29 MAY 2000,
ACCEPTED UNTIL 14:30 WEDNESDAY, 31 MAY
THE RENOUNCEABLE RIGHTS OFFER OPENS AT 09:00 FRIDAY, 2 JUNE
LAST DAY FOR DEALING IN LETTERS OF ALLOCATION ON
THE JSE BY 16:00 WEDNESDAY, 21 JUNE
LISTING OF ESCHER IN THE FINANCIAL - "FINANCIAL SERVICES"
SECTOR OF THE JSE LIST AT 09:00 THURSDAY, 22 JUNE
LAST DAY FOR SPLITTING LETTERS OF ALLOCATION BY 14:30 THURSDAY, 22 JUNE
THE RENOUNCEABLE RIGHTS OFFER CLOSES AT 14:30 FRIDAY, 23 JUNE
LAST DAY FOR RECEIPT OF POSTAL ACCEPTANCES FOR THE
RENOUNCEABLE RIGHTS OFFER POSTMARKED ON OR BEFORE
FRIDAY, 23 JUNE 2000, ACCEPTED UNTIL 14:30 WEDNESDAY, 28 JUNE
RESULTS OF THE RENOUNCEABLE RIGHTS OFFER PUBLISHED FRIDAY, 30 JUNE
SHARE CERTIFICATES IN RESPECT OF THE NEW ESCHER SHARES
AND REFUND CHEQUES IN RESPECT OF EXCESS APPLICATIONS,
IF ANY, POSTED BY REGISTERED MAIL FRIDAY, 30 JUNE
(OR AS SOON AS
PRACTICABLE
THEREAFTER)
3. DOCUMENTATION
THE RENOUNCEABLE RIGHTS OFFER DETAILS AND DOCUMENTATION INCLUDING THE LETTERS
OF ALLOCATION WILL BE POSTED TO PSG GROUP SHAREHOLDERS ENTITLED THERETO ON OR
ABOUT 2 JUNE 2000. THE RENOUNCEABLE RIGHTS OFFER DOCUMENTS, INCLUDING THE
CIRCULAR TO PSG GROUP SHAREHOLDERS, THE ESCHER PRE-LISTING STATEMENT AND THE
LETTERS OF ALLOCATION MAY BE INSPECTED AT THE REGISTERED OFFICE OF ESCHER AT
ANY TIME DURING NORMAL BUSINESS HOURS FROM FRIDAY, 26 MAY 2000, UP TO AND
INCLUDING FRIDAY, 23 JUNE 2000.
4. FURTHER ANNOUNCEMENT
AN ANNOUNCEMENT SETTING OUT THE ABRIDGED PRE-LISTING STATEMENT OF ESCHER WILL
BE PUBLISHED ON OR ABOUT 22 JUNE 2000.
JOHANNESBURG
24 MAY 2000
INVESTMENT BANK
PSG INVESTMENT BANK
ATTORNEYS
HOFMEYR HERBSTEIN & GIHWALA INC
JOINT SPONSORING BROKERS
PSG SECURITIES LIMITED
REGISTRATION NUMBER 1996/000509/06
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
AUDITORS AND REPORTING ACCOUNTANTS
PRICEWATERHOUSECOOPERS
CHARTERED ACCOUNTANTS (SA)
REGISTERED ACCOUNTANTS AND AUDITORS
REGISTRATION NUMBER 1998 012055/21
TRANSFER SECRETARIES
COMPUTERSHARE SERVICES LIMITED
(REGISTRATION NUMBER 1958/003546/06)
