| 15-05--06 | |
| UPDATE ON THE SCHEME OF ARRANGEMENT PROPOSED BY MURRAY & ROBERTS LIMITED | |
| Concor Limited (Incorporated in the Republic of South Africa) Registration number: 1969/003076/06 Share code: CNC & ISIN: ZAE000001616 ("Concor") |
Murray & Roberts Holdings Limited (Incorporated in the Republic of South Africa) Registration number: 1948/029826/06 Share code: MUR & ISIN: ZAE000073441 |
| In an announcement dated 24 January 2006, Concor shareholders
were advised that the High Court of South Africa (Witwatersrand Local Division)
("Court") had conditionally sanctioned the scheme of arrangement in terms of
Section 311 of the Companies Act No. 61 of 1973, as amended, proposed by Murray
& Roberts Limited ("Murray & Roberts"), a wholly-owned subsidiary of Murray &
Roberts Holdings Limited, between Concor and its shareholders, other than
Mexican Wave Investments (Pty) Limited ("Mexican Wave"), in terms of which
Murray & Roberts will acquire all the shares in the issued share capital of
Concor, other than those already held by Mexican Wave ("scheme"). Concor
shareholders were further advised that the sanctioning of the scheme by the
Court was conditional upon the Competition Authorities approving the acquisition
by Murray & Roberts of the entire issued share capital of Concor
("transaction").
Shareholders are informed that the Competition Commission has recommended to the Competition Tribunal that the transaction be unconditionally approved. The Competition Tribunal will now consider the matter and Concor shareholders will be timeously informed of the progress made. This remains the only outstanding condition precedent pertaining to the scheme. Johannesburg |
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