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ILLOVO - ODD-LOT OFFER

Release Date: 12/06/2000 16:05
Code(s): ILV
Wrap Text
ILLOVO SUGAR LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1906/000622/06)
("ILLOVO")

OFFER TO ODD-LOT HOLDERS AND NOTICE OF LAST DAY TO REGISTER INTRODUCTION
PURSUANT TO THE UNBUNDLING OF CG SMITH LIMITED, ILLOVO'S FORMER HOLDING COMPANY, THE NUMBER OF ILLOVO SHAREHOLDERS INCREASED FROM 1 942 (30 SEPTEMBER 1999) TO 8 358 (31 MARCH 2000). AS AT 9 JUNE 2000, 3 777 SHAREHOLDERS HELD LESS THAN 100 SHARES ("ODD-LOT HOLDERS"), REPRESENTING 46,4% OF THE TOTAL OF 8 148 SHAREHOLDERS WHILST THEIR TOTAL SHAREHOLDINGS OF 127 122 CONSTITUTED ONLY 0,04% OF THE TOTAL NUMBER OF SHARES IN ISSUE. IN ORDER TO REDUCE THE SUBSTANTIAL RECURRING COSTS OF ADMINISTRATION ASSOCIATED WITH THIS LARGE NUMBER OF ODD-LOT HOLDERS, THE DIRECTORS OF ILLOVO WILL PROPOSE AN ODD-LOT OFFER.
ALL ODD-LOT HOLDERS REGISTERED AS SUCH AT THE CLOSE OF BUSINESS ON THURSDAY, 15 JUNE 2000 (THE LAST DAY TO REGISTER), AND WHO ARE STILL SO REGISTERED AT THE CLOSE OF BUSINESS ON FRIDAY, 14 JULY 2000, WILL BE ENTITLED TO PARTICIPATE IN THE ODD-LOT OFFER DESCRIBED BELOW. ODD-LOT OFFER
ODD-LOT HOLDERS WHO HOLD, IN AGGREGATE, FEWER THAN 100 ILLOVO SHARES MAY ELECT TO EITHER:
- SELL THEIR ODD-LOT HOLDINGS AT THE OFFER PRICE PLUS A 5% PREMIUM; OR - PURCHASE SUFFICIENT ADDITIONAL SHARES AT THE OFFER PRICE TO INCREASE THEIR ODD-LOT HOLDINGS TO 100 SHARES; OR - RETAIN THEIR ODD-LOT HOLDINGS.
THE OFFER PRICE WILL BE THE VOLUME WEIGHTED AVERAGE PRICE OF THE SHARES ON THE JOHANNESBURG STOCK EXCHANGE FOR THE FIVE BUSINESS DAYS BEGINNING MONDAY, 26 JUNE 2000 AND ENDING FRIDAY, 30 JUNE 2000 (BOTH DAYS INCLUSIVE). THE OFFER PRICE WILL BE ANNOUNCED ON THE STOCK EXCHANGE NEWS SERVICE AFTER THE CLOSE OF TRADING ON FRIDAY, 30 JUNE 2000 AND IN THE PRESS ON MONDAY, 3 JULY 2000. SALIENT DATES AND TIMES
LAST DAY TO REGISTER IN ORDER TO PARTICIPATE IN THE
ODD-LOT OFFER (BY 16:30) THURSDAY, 15 JUNE 2000 ODD-LOT OFFER OPENS AT 09:30 ON TUESDAY, 20 JUNE 2000 ANNOUNCEMENT OF THE ODD-LOT OFFER PRICE ON MONDAY, 3 JULY 2000 ANNUAL GENERAL MEETING OF MEMBERS TO BE HELD
AT 14:30 ON WEDNESDAY, 12 JULY 2000 ODD-LOT OFFER CLOSES AT 14:30 ON FRIDAY, 14 JULY 2000 SHARE CERTIFICATES POSTED TO THOSE SHAREHOLDERS
WHO ELECT TO PURCHASE ADDITIONAL SHARES ON MONDAY, 17 JULY 2000 CHEQUES IN RESPECT OF THE SALE OF ODD-LOT HOLDINGS
BY SHAREHOLDERS POSTED ON MONDAY, 17 JULY 2000 ALL TRANSACTIONS IN ILLOVO SHARES DURING THE WEEKS ENDING THURSDAY, 15 JUNE 2000 AND FRIDAY, 14 JULY 2000 WILL BE FOR IMMEDIATE SETTLEMENT. THE ABOVE DATES AND TIMES ARE SUBJECT TO AMENDMENT. ANY CHANGES WILL BE PUBLISHED IN THE PRESS. CIRCULAR
A CIRCULAR TO ILLOVO SHAREHOLDERS CONTAINING DETAILS OF THE ODD-LOT OFFER AND A FORM OF ELECTION, WILL BE POSTED TO SHAREHOLDERS ON TUESDAY, 20 JUNE 2000. MOUNT EDGECOMBE 12 JUNE 2000 FINANCIAL ADVISER ING BARINGS SPONSORING BROKER ING BARINGS SOUTHERN AFRICA LIMITED (MEMBER OF THE JOHANNESBURG STOCK EXCHANGE) (REGISTRATION NUMBER 1994/004352/06)

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