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Courts (Mauritius) Limited Communiqué Courts
(Mauritius) Limited (Courts) wishes to inform its shareholders and the
general public that
the Stock Exchange of Mauritius (SEM) had, pursuant to a “demande
circonstanciée” dated 28 November 2005, made by British
American Investment Co (Mtius) Ltd (BA Investment) in accordance with Article RG/TVII/3.1 of
the Règlement Général de la Bourse de Maurice, suspended trading in the
shares of Courts on 29 November 2005. Shareholders of Courts and the public at
large are hereby informed that after discussions with BA Investment, the Stock Exchange Authorities have agreed on the conditions
underlying the purchase on the Exchange of 98,998,205
shares of Courts ( representing a 84.6 % shareholding ) at an agreed price of
USD 24,212,202, by BA Investment from Courts (Overseas) Limited. Shareholders of Courts and the
public at large are also informed that all regulatory approvals have been
obtained to date. Accordingly, trading in the shares of Courts will resume
on 23 December 2005, on which
date the proposed transaction will be effected through the crossing board of
the SEM. As communicated
earlier, BA Investment will be required to comply with the provisions of
Articles RG/TVII/3.4 and RG/TVII/3.5 of the Règlement Général de la Bourse
de Maurice pertaining to the process of “maintien de cours”.
In this connection, during the trading sessions from 23 December 2005 to
23 January 2006 inclusive, BA Investment shall purchase on the Exchange
all shares of Courts that are offered for sale at the price of MUR 7.90 per
share. Shareholders
wishing to sell their shares during the above period and who have not yet
deposited their share certificate in the Central Depository & Settlement
Co Ltd ( CDS ) , are requested to do so at the earliest. Shareholders are
however reminded that once they deposit their share certificate in the CDS,
they will have to wait for a maximum clearance period of five business days
before being able to sell their shares. A summary of
the circular dated 6 December 2005 and issued by BA Investment to all its
shareholders as from 7 December 2005, has been inserted in the press on 10
December 2005 and 12 December 2005 pursuant to Listing Rule 13.15. This communiqué is issued pursuant to Listing Rule
11.3. The board of directors of Courts accepts full
responsibility for the accuracy of the information contained in this
communiqué. Shareholders of Courts are strongly advised to exercise caution and to seek professional advice before dealing in their shares. City
Corporate Services Ltd Company
Secretary 23 December 2005 |