Update on acquisition and renewal of cautionary announcement
(Incorporated in the Republic of South Africa)
Registration number: 1994/005983/06)
(JSE code: WEA & ISIN: ZAE000078002)
("Wearne" or "the company")
- UPDATE ON ACQUISITION OF THE BUSINESSES OF TZANEEN QUARRY (PTY) LIMITED
WILLOWSFOUNTAIN QUARRY (PTY) LIMITED
- RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement dated 23 April 2007 in which it was announced that subject to the fulfilment of certain conditions, Wearne has purchased the businesses and certain specific assets of Tzaneen Quarry (Pty) Limited ("the Tzaneen business") and Willowsfountain Quarry (Pty) Limited ("the Willowsfountain business").
Shareholders are advised Wearne has completed a due diligence investigation to its satisfaction in regard to both the Tzaneen business and the Willowsfountain business.
The remaining conditions precedent to which the acquisition of both the Tzaneen business and the Willowsfountain business remain subject are as follows:
- The expiry of a period of 30 (thirty) days after the date of the last publication of the notices in terms of Section 34(1) of the Insolvency Act number 24 of 1934, as amended, without any legal proceedings being instituted or attachments being made by creditors of the Tzaneen business and/or the Willowsfountain business;
- The conclusion of New Mining Leases;
- The cession, assignment and delegation of rights and obligations under the
existing Premises Leases.
2. FURTHER ANNOUNCEMENT
Shareholders will be notified once the acquisition of the Tzaneen business and the Willowsfountain business becomes unconditional.
3. FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 23 April 2007, shareholders are advised that Wearne is still involved in negotiations, which if successfully concluded, may have a material effect on the price of the company's securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the company's securities until a full announcement is made.
30 May 2007
Designated adviser Exchange Sponsors
Attorneys Fluxmans Attorneys
Date: 30/05/2007 09:13:02 Produced by the JSE SENS Department.