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Interwaste - scheme finalisation announcement
Shareholders are referred to:
- the circular issued and posted by Interwaste to Shareholders on 5 December 2018 ("Circular") regarding the Scheme of Arrangement in terms of section 114 of the Companies Act 71 of 2008, proposed by the Interwaste Board between Interwaste and the Shareholders ("Interwaste Scheme"); and
- the announcement released on SENS on Wednesday, 9 January 2019 pursuant to the Scheme Meeting held on the same day, at which the special and ordinary resolutions set out in the Notice of Scheme Meeting (which was attached to and formed part of the Circular) were passed by the requisite majorities.
Fulfilment of Scheme Conditions
The Interwaste Board advised that all of the Scheme Conditions have been fulfilled or waived. Accordingly, the Scheme has become unconditional with effect from Friday, 15 February 2019.
Salient dates and times
The remaining salient and dates and times relating to the implementation of the Scheme, which are unchanged from those indicatively indicated in the Circular, are set out below:
Important dates and times
Scheme LDT, being the last day to trade Interwaste Shares on the JSE in order to be recorded in the Register on the Scheme Record Date and to receive the Scheme Consideration on the Scheme Consideration Date, on Tuesday, 26 February 2019
Suspension of listing of Interwaste Shares on the JSE to take place at the commencement of trade on Wednesday, 27 February 2019
Last date on which Scheme Participants can make an election in respect of the Repurchase Alternative by 12h00 on Friday, 1 March 2019
Scheme Record Date, being the date on which Interwaste Scheme Participants must be recorded in the Register to receive the Scheme Consideration, close of trade on Friday, 1 March 2019
Operative Date of the Interwaste Scheme, on Monday, 4 March 2019
Scheme Consideration to be credited to the accounts (held at their CSDP or Broker) of Interwaste Scheme Participants who are Dematerialised Shareholders, on or about Monday, 4 March 2019
Scheme Consideration to be paid/posted to Interwaste Scheme Participants who are Certificated Shareholders (provided their form of surrender and transfer (blue) and Documents of Title are received by close of trade on the Scheme Record Date) on or about Monday, 4 March 2019
Termination of listing of Interwaste Shares on the JSE to take place at the commencement of trade on Tuesday, 5 March 2019
Dividends Withholding Tax in respect of Repurchase Alternative
Where an Interwaste Scheme Participant is not exempt from Dividends Withholding Tax ("DWT") and elects the Repurchase Alternative, DWT will be withheld from the gross amount of R1.20. Unless an Interwaste Scheme Participant is subject to DWT at a lesser rate, the applicable DWT withholding rate is 20% and, accordingly, the net amount payable will therefore be R0.96. In order to prevent (or reduce) such withholding, Interwaste Scheme Participants electing the Repurchase Alternative who are exempt from DWT (or subject to DWT at a lesser rate) must provide their regulated intermediary with the requisite SARS declaration and undertaking as soon as possible but in any event before 12h00 on the Scheme Record Date (or such earlier date as may be required in terms of their mandate with their CSDP or Broker).
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