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PPC/PORTHOLD - RESULT OF SCHEME MEETING

Release Date: 27/08/2001 11:38
Code(s): POR PPC
Wrap Text
Pretoria Portland Cement Company Limited
Share code: PPC
ISIN      : ZAE000005559
(Incorporated in the Republic of South Africa)
(Registration number 1892/000667/06)
("PPC")
Share code: POR
ISIN      : ZW008521289
Portland Holdings Limited
(Incorporated in the Republic of Zimbabwe)
(Registration number 83/46)
("Porthold")
Result of scheme meeting

Further to the detailed terms announcement published in the press on
Wednesday, 25 July 2001, Standard Corporate and Merchant Bank is authorised to announce that at the scheme meeting held on Wednesday, 22 August 2001, the shareholders of Porthold, represented in person or by proxy, unanimously approved the scheme of arrangement proposed by PPC in terms of section 191 of the Zimbabwe Companies Act, Chapter 24:03, as amended, between Porthold and its shareholders ("the scheme").
PPC has submitted a voluntary application to the Industry and Trade
Competition Commission of Zimbabwe ("the Commission") in respect of the proposed merger of PPC and Porthold. It is anticipated that the Commission will make a ruling in this regard in the near future. On receipt of this ruling, application will be made to the High Court of Zimbabwe in Harare for the sanctioning of the scheme.
Upon fulfilment of these remaining conditions precedent to the scheme, shareholders will be advised as to the action to be taken in order to claim the scheme consideration and as to the timetable for the delisting of Porthold shares, the listing of new PPC shares and the distribution of the scheme consideration. Johannesburg and Bulawayo 27 August 2001 Merchant Bank to PPC SCMB Sponsor to PPC in South Africa Cazenove Attorneys to PPC in South Africa Bowman Gilfillan Inc. Sponsoring broker to PPC in Zimbabwe Sagit Attorneys to PPC in Zimbabwe Atherstone & Cook Independent financial advisers to Porthold PricewaterhouseCoopers Attorneys to Porthold Coghlan, Welsh & Guest

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