To view the PDF file, sign up for a MySharenet subscription.

SAL/SALD - Sallies Limited - Results of general meetings

Release Date: 29/11/2011 17:30
Code(s): SAL SALD
Wrap Text

SAL/SALD - Sallies Limited - Results of general meetings Sallies Limited (Incorporated in the Republic of South Africa) (Registration number 1903/001879/06) Share code: SAL ISIN: ZAE000022588 JSE Code: SALD ISIN: ZAE000117305 ("Sallies" or "the Company") Results of general meetings Sallies shareholders are advised that at the Company`s general meeting held at 11:30 on Tuesday, 29 November 2011, the requisite majority of shareholders approved the ordinary resolution and the special resolutions proposed at the meeting regarding the proposed scheme of arrangement, as contained in the notice of general meeting dated 1 November 2011. The special resolutions will be lodged with CIPC in due course. It is expected that the consideration payment date when the Company`s shareholders will receive cash or shares of Fluormin plc ("Fluormin"), as elected by them, will be 19 December 2011. Sallies debenture holders are advised that at the Company`s meeting of debenture holders held at 11:00 on Tuesday, 29 November 2011, the requisite majority of debenture holder votes was not obtained regarding the proposed scheme of arrangement, as contained in the notice of the debenture holders meeting dated 1 November 2011. As the proposed scheme of arrangement for the debentures holders has failed in terms of section 114 of the Companies Act, No. 71 of 2008 (the "Act"), Fluormin will make an unconditional mandatory offer in terms of section 123 of the Act. The mandatory offer will be open from 30 November 2011 to Friday 20 January 2012 and the offer consideration will be as follows: * 0.0646 Fluormin ordinary shares for every one Sallies` debenture held; alternatively, a cash consideration of 50 cents for every one Sallies` debenture held. The expected timetable in relation to the Debenture offer is as follows: Last day to trade in the debentures Friday, 13 January 2012 Debentures trade ex the offer Monday, 16 January 2012 Record date Friday, 20 January 2012 Offer closes at 12:00 on Friday, 20 January 2012 Payment date Within 6 business days of receipt of acceptance by the transfer secretaries with the last payment being made on Monday, 23 January 2012 Please note: Debenture certificates may not be dematerialised or rematerialised between Monday, 16 January 2012 and Friday, 20 January 2012 (both days inclusive). Johannesburg 29 November 2011 Sponsor: Bridge Capital Advisors (Pty) Limited Reporting Accountant and Auditor to Sallies: BDO (South Africa) Incorporated Legal Advisor to Fluormin Plc. Fasken Martineau DuMoulin (Pty) Ltd Legal Advisor to Sallies: Cliffe Dekker Hofmeyr Inc. Independent expert to Sallies: Mazars Corporate Finance (Pty) Ltd Date: 29/11/2011 17:30:00 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story