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Altech -- delisting approved and details
Shareholders were referred to the firm intention announcement made by Altron Finance (Pty) Ltd. ("Alfin") a wholly-owned subsidiary of Allied Electronics Corporation Ltd. ("Altron") on 17 May 2013, as well as to the circular issued to Altech shareholders on 27 June 2013 ("circular"), regarding the terms on which Alfin intended acquiring the entire issued ordinary share capital of Altech that Altron and its subsidiaries do not already own, by way of a scheme of arrangement ("scheme") in terms of section 114 of the Companies Act 71 of 2008, as amended (the "Companies Act").
Results of the general meeting
Shareholders were advised that at the general meeting of Altech shareholders held on Friday, 26 July 2013 at 11h00, all of the resolutions as set out in the Notice Convening the Scheme Meeting incorporated in the circular were passed, without modification, by the requisite majority of votes. The special resolution approving the scheme will, to the extent necessary, be filed with the Companies and Intellectual Property Commission. Furthermore, shareholders are advised that prior to the general meeting, no shareholders exercised their appraisal rights in terms of section 164 of the Companies Act. Accordingly, shareholders are advised that all conditions precedent to the scheme, as detailed in the circular, have been fulfilled and consequently the scheme is now unconditional.
Salient dates
The remaining salient dates and times relating to the finalisation and implementation of the scheme ("timetable") are set out hereunder for shareholders’ information and where appropriate, action (note that these have not changed from those set out in the circular). Words and expressions in the Timetable and notes thereto shall have the same meaning as assigned to them in the circular.
- Results of the scheme meeting released on SENS on Friday, 26 July 2013
- Finalisation date announcement released on SENS on Friday, 26 July 2013
- Scheme LDT, being the last day to trade Altech shares on the JSE in order to be recorded in the register to receive the scheme consideration, on Thursday, 8 August 2013
- Suspension of listing of Altech ordinary shares on the JSE to take place at the commencement of trade on Monday, 12 August 2013
- Scheme Consideration Record Date, being the date on which Scheme Participants must be recorded in the Register to receive the Scheme Consideration, by close of trade on Friday, 16 August 2013 Last date on which the Scheme Participants can make an election in respect of the Scheme Consideration by 12:00 on Friday, 16 August 2013
- Operative Date of the Scheme on Monday, 19 August 2013
- Scheme Consideration to be paid/posted to certificated Scheme Participants (provided their form of election, surrender and transfer (blue) and Documents of Title are received on or prior to 12:00 on the Scheme Consideration Record Date) on or about Monday, 19 August 2013
- Dematerialised Scheme Participants to have their accounts (held at their CSDP or Broker) credited with the Scheme Consideration on or about Monday, 19 August 2013
- Termination of listing of Altech Ordinary Shares on the JSE to take place at the commencement of trade on or about Tuesday, 20 August 2013
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