African Oxygen Limited - Scheme of arrangement proposed by Business Venture
Investments No 790 (Proprietary) Limited between Afrox Healthcare Limited and
its shareholders
African Oxygen Limited
(Incorporated in the Republic of South Africa)
(Registration number 1927/000089/06)
Share code: AFX
ISIN: ZAE000030920
("Afrox")
Scheme of arrangement proposed by Business Venture Investments No 790
(Proprietary) Limited between Afrox Healthcare Limited and its shareholders
The attention of Afrox shareholders is drawn to the joint announcement published
today by Business Venture Investments No 790 (Proprietary) Limited ("Bidco") and
Afrox Healthcare Limited ("Ahealth") regarding the scheme of arrangement
proposed by Bidco between Ahealth and its shareholders. In terms of the
announcement Ahealth shareholders, of which Afrox is one, were advised that the
implementation of the scheme is still subject to the fulfilment of certain
conditions precedent, including:
- the sanction of the scheme by the High Court of South Africa;
- the registration of a certified copy of the Order of Court sanctioning
the scheme by the Registrar of Companies in terms of the Companies Act; and
- the obtaining of the requisite approvals for the implementation of
Bidco"s acquisition of Ahealth from the Competition Authorities in terms of the
Competition Act, 89 of 1998.
As the approval of the Competition Authorities is still awaited, the last day
for Ahealth shareholders to trade on the JSE Securities Exchange South Africa to
be eligible to receive the consideration payable in terms of the scheme, has
been postponed. It is expected that a further announcement incorporating the
revised salient dates and the status of the remaining conditions precedent will
be made in due course.
Johannesburg
2 April 2004
Financial advisor to Afrox
JPMorgan
Legal advisor to Afrox
Bowman-Gilfillan
Competition Law advisors to Afrox
Edward Nathan & Friedland
Sponsor to Afrox
Nedbank Capital
Date: 02/04/2004 03:05:40 PM Produced by the JSE SENS Department