Capital Reduction

Shareholders are advised that the board of directors of the company has proposed a cash distribution of 35 cents per ordinary share in the issued share capital of the company by way of a reduction of the company's share premium account("the distribution"). The company has cash resources in excess of its needs and the directors have therefore resolved to return part of these funds to the company's shareholders.

Salient dates relative to the distribution

It is anticipated that the distribution will be paid on Monday, 20 October 2003 to those shareholders of the company who are recorded in the register on Friday, 17 October 2003.

The last day to trade (cum the distribution) in the company's shares for purposes of entitlement to the distribution will be Friday, 10 October 2003. The shares will commence trading ex the distribution on Monday, 13 October 2003. Share certificates may not be dematerialised or rematerialised between Monday, 13 October 2003 and Friday, 17 October 2003, both days inclusive.

Condition precedent

The distribution is conditional upon the approval of the company's shareholders in general meeting.


A circular dealing with the distribution, including a notice convening a general meeting to be held on or about Wednesday, 1 October 2003, which is subject to the approval of the JSE Securities Exchange South Africa, will be posted to shareholders on or about Monday, 15 September 2003.

9 September 2003