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WRCM/HARMONY IMPLEMENTATION OF THE SCHEME OF ARRANGEMENT

Release Date: 08/10/1999 07:31:09      Code(s): WRC HAR HARO
WEST RAND CONSOLIDATED MINING COMPANY LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 01/01978/06)
("WRCM")
HARMONY GOLD MINING COMPANY LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/38232/06)
("HARMONY")
IMPLEMENTATION OF THE SCHEME OF ARRANGEMENT PROPOSED BY HARMONY BETWEEN WRCM
AND ITS SHAREHOLDERS OTHER THAN HARMONY (THE "SCHEME")
1.  APPROVAL OF THE SCHEME
FURTHER TO THE ANNOUNCEMENT DATED 27 SEPTEMBER 1999 THAT THE REQUISITE MAJORITY
OF THE SHAREHOLDERS OF WRCM ("WRCM SHAREHOLDERS") HAD APPROVED THE SCHEME, IT
IS ANNOUNCED THAT THE SCHEME WAS SANCTIONED BY THE HIGH COURT OF SOUTH AFRICA
(WITWATERSRAND LOCAL DIVISION) ON TUESDAY, 5 OCTOBER 1999 AND THAT THE ORDER OF
COURT SANCTIONING THE SCHEME WAS REGISTERED BY THE REGISTRAR OF COMPANIES ON
THURSDAY, 7 OCTOBER 1999.  ACCORDINGLY, ALL OF THE CONDITIONS PRECEDENT TO THE
SCHEME HAVE BEEN FULFILLED AND THE SCHEME WILL BECOME OPERATIVE ON MONDAY, 11
OCTOBER 1999.
IN TERMS OF THE SCHEME, WRCM SHAREHOLDERS WILL RECEIVE 35,71 ORDINARY SHARES IN
HARMONY ("HARMONY SHARES") FOR EVERY 100 ORDINARY SHARES IN WRCM ("WRCM
SHARES") HELD ON THE RECORD DATE, BEING FRIDAY, 8 OCTOBER 1999, TOGETHER WITH A
CASH PAYMENT IN RESPECT OF ANY FRACTIONAL ENTITLEMENTS TO HARMONY SHARES ("THE
SCHEME CONSIDERATION").
2. SURRENDER OF DOCUMENTS OF TITLE
IN ORDER TO RECEIVE THE SCHEME CONSIDERATION, WRCM SHAREHOLDERS, WHO HAVE NOT
ALREADY DONE SO, ARE REQUESTED TO SURRENDER THEIR DOCUMENTS OF TITLE, EXCLUDING
SHARE WARRANTS TO BEARER, TO THE TRANSFER SECRETARIES, MERCANTILE REGISTRARS
LIMITED, EXCHANGES DEPARTMENT, 7TH FLOOR, 11 DIAGONAL STREET, JOHANNESBURG,
2001 (PO BOX 1053, JOHANNESBURG, 2000) OR TO COMPUTERSHARE SERVICES PLC, PO BOX
82, CAXTON HOUSE, REDCLIFFE WAY, BRISTOL, BS99 7NH, ENGLAND, AS SOON AS
POSSIBLE.  A FURTHER SURRENDER FORM WILL BE INCLUDED IN A CIRCULAR WHICH WILL
BE POSTED TO WRCM SHAREHOLDERS ON MONDAY, 11 OCTOBER 1999.
HOLDERS OF SHARE WARRANTS TO BEARER, WHO HAVE NOT ALREADY DONE SO, ARE ALSO
REQUESTED TO SURRENDER THEIR SHARE WARRANTS TO BEARER TO THE UNITED KINGDOM
BEARER AGENT, COMPUTERSHARE SERVICES PLC, 7TH FLOOR, JUPITER HOUSE, TRITON
COURT, 14 FINSBURY SQUARE, LONDON EC2A 1BR, AS SOON AS POSSIBLE.
EXISTING DOCUMENTS OF TITLE IN RESPECT OF WRCM SHARES AND SHARE WARRANTS TO
BEARER WILL HAVE NO VALUE FROM THE COMMENCEMENT OF BUSINESS ON MONDAY, 11
OCTOBER 1999 OTHER THAN FOR SURRENDER IN EXCHANGE FOR THE SCHEME CONSIDERATION.
THE SCHEME CONSIDERATION WILL BE POSTED TO, OR MADE AVAILABLE FOR COLLECTION
BY, THOSE WRCM SHAREHOLDERS WHO SURRENDER THEIR DOCUMENTS OF TITLE BEFORE
MONDAY, 11 OCTOBER 1999 WITH EFFECT FROM THAT DATE.  FOR THOSE WRCM
SHAREHOLDERS WHO SURRENDER THEIR DOCUMENTS OF TITLE AFTER MONDAY, 11 OCTOBER
1999, THE SCHEME CONSIDERATION WILL BE POSTED OR MADE AVAILABLE FOR COLLECTION
FIVE BUSINESS DAYS AFTER THE SURRENDER OF THEIR DOCUMENTS OF TITLE.
3. STOCK EXCHANGE LISTINGS
THE LISTINGS OF WRCM SHARES ON THE JOHANNESBURG STOCK EXCHANGE ("THE JSE"), THE
LONDON STOCK EXCHANGE ("THE LSE") AND THE PARIS BOURSE WILL BE TERMINATED WITH
EFFECT FROM THE CLOSE OF BUSINESS ON FRIDAY, 8 OCTOBER 1999.
THE HARMONY SHARES ISSUED IN TERMS OF THE SCHEME CONSIDERATION WILL BE LISTED
ON THE JSE WITH EFFECT FROM MONDAY, 11 OCTOBER 1999.  APPLICATION WILL BE MADE
FOR A LISTING OF SUCH HARMONY SHARES BY THE LSE AND THE PARIS BOURSE AS SOON AS
PRACTICABLE THEREAFTER.
JOHANNESBURG
7 OCTOBER 1999
INDEPENDENT FINANCIAL ADVISER TO WRCM
FLEMINGS
ROBERT FLEMING SOUTH AFRICA LIMITED
REGISTRATION NUMBER 95/11812/06
LEGAL ADVISER TO WRCM
CLIFFE DEKKER FULLER MOORE INC
(REGISTRATION NUMBER 98/18173/21)
LEGAL ADVISER TO HARMONY
BOWMAN GILFILLAN INC.
REG. NO. 98/21409/21
SPONSORING BROKER TO WRCM
FLEMING MARTIN SECURITIES LTD
REGISTRATION NUMBER 95/11815/06
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
SPONSORING BROKER TO HARMONY
DEUTSCHE MORGAN GRENFELL (PROPRIETARY) LIMITED
(REGISTRATION NUMBER 73/06709/07)
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE



                                        
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