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CUH
CUH
CUH - Credit U Holdings - Sanctioning Of The Scheme Of Arrangement And
Finalisation Announcement
CREDIT U HOLDINGS LIMITED
(Formerly Kagisano Group Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003827/06)
(JSE code: CUH ISIN: ZAE000115085)
("Credit U" or "the company")
SANCTIONING OF THE SCHEME OF ARRANGEMENT AND FINALISATION ANNOUNCEMENT
1. INTRODUCTION
Shareholders are referred to the announcement released by Credit U on the
Securities Exchange News Service (SENS) of the JSE Limited on 12 November 2008
and the press on 13 November 2008 relating to the scheme of arrangement ("the
scheme") proposed by Blue Financial Services Limited ("Blue") between Credit U
and its shareholders ("scheme members") and which scheme was approved by
shareholders in a scheme meeting held on 12 November 2008.
2. SANCTIONING OF THE SCHEME BY THE COURT AND FULFILMENT OF ALL CONDITIONS
PRECEDENT
Shareholders are advised that the High Court of South Africa (Transvaal
Provincial Division) has granted an order ("Order of Court") on Tuesday, 25
November 2008, sanctioning the scheme. A certified copy of the Order of Court
was registered by the Registrar of Companies on Wednesday, 26 November 2008.
Therefore all the remaining conditions precedent to the scheme has now been
fulfilled.
3. REMAINING SALIENT DATES
The remaining salient dates applicable to the implementation of the scheme,
remain as originally set out in the circular sent to Credit U shareholders on 17
October 2008.
4. CASH ELECTION
Certificated scheme members who wish to elect to receive cash of 540 cents per
Blue ordinary share in respect of 15.575 of their remaining 22.25 Blue ordinary
shares receivable for every 100 Credit U ordinary shares held, should complete
Parts A and E of the white form of Election, Surrender and Substitute Offer
Acceptance attached to the circular and return it to the transfer secretaries
together with their documents of title by no later than 12:00 on Friday,
12 December 2008.
Dematerialised scheme members and own name dematerialised scheme members should
notify (or should have notified) their CSDP of their election in the manner and
by the deadline as stipulated in the custody agreement concluded between them
and their CSDP.
Johannesburg
26 November 2008
Designated Adviser and Corporate Adviser to Credit U
Exchange Sponsors
Attorneys to Credit U
Edelstein Bosman
Date: 26/11/2008 16:09:01 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. |
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