PRESS RELEASES
Acquisition of VenFin of controlling interest of Intervid Limited (INTERVID)
VenFin has reached agreement with the Howard family to acquire a total of 30 248 408 Intervid shares at a price of 34 cents per share (the Agreement). Should the Agreement become unconditional, VenFins effective shareholding in Intervid will increase to 49.78%. In terms of the Agreement, the Howard family declined to acquire VenFins shares in Intervid at the same price.
The Agreement is subject, inter alia, to approval of the transaction
by the Competition Authorities. Once such approval has been obtained,
VenFin will, in terms of the Securities Regulation Code on Takeovers
and Mergers, extend a mandatory offer to all the other minority shareholders
of Intervid on substantially the same terms as those agreed with
the Howard family. The Agreement represents the resolution of the
dispute between VenFin and the Howard family regarding, amongst other
things, the management and further funding of Intervid. VenFin will
now resume discussions with the Intervid board
and its external financiers, with a view to supporting the continuation
of Intervids turnaround.
A further announcement on the terms of a mandatory offer will be made once approval has been obtained from the Competition Authorities.
Stellenbosch
1 March 2004
Financial Adviser
Cazenove
Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited) Corporate Finance
Attorneys
Hofmeyr Herbstein & Gihwala Inc.
For further information contact:
Nick Williams (College Hill) on +27 11 447 3030
Date: 01/03/2004 01:54:03 PM Produced by the JSE SENS Department