5th Jul 2005 15:14
Barclays PLC05 July 2005 Absa Group Limited(Registration number 1986/003934/06)(Incorporated in the Republic of South Africa)JSE share code: ASAISIN: ZAE000013389("Absa") Barclays Bank PLC(Registration number 1026167)(Incorporated in England)("Barclays") POSTPONEMENT OF COURT HEARING 1. Introduction Shareholders are referred to the joint announcements released on 9 May 2005and 21 June 2005, the SENS announcement released on 4 July 2005 and thecircular to shareholders dated 20 May 2005 (the "Circular") regarding theBarclays proposed acquisition of up to 60% of the Absa ordinary shares atR82.50 per share (the "Recommended Acquisition"). Shareholders are remindedthat the Recommended Acquisition is being effected through twointer-conditional processes: (i) the scheme of arrangement proposed by Barclays between Absa and the Absa Ordinary Shareholders, excluding the Absa Group Limited Share Incentive Scheme Trust and the Barclays Group (save to the extent that members of that group may hold Absa Ordinary Shares on behalf of third parties), pursuant to which Barclays will acquire 32% of each such Ordinary Shareholder's shares (the "Scheme"); and (ii) the partial offer by Barclays to all Absa Ordinary Shareholders and Preference Shareholders (together "Shareholders") to acquire from each such Shareholder an additional 28% of his or her shares (the "Recommended Offer"). Shareholders of Absa are advised that: * at the meeting held on Monday, 13 June 2005, the requisite majority of Absa shareholders approved the Scheme; and * the Recommended Offer was declared unconditional as to acceptances on Monday, 4 July 2005. 2. Postponement of court hearing At the hearing to sanction the Scheme held today at the High Court of SouthAfrica (Witwatersrand Local Division) (the "Court"), three parties raisedopposition to the sanctioning of the Scheme. The Court has postponed the hearingof the matter until tomorrow (Wednesday, 6 July 2005) to allow more time for thepreparation of arguments. There has been no argument on the merits of the case.Absa and Barclays remain confident that the Scheme will be sanctioned. At this stage the timetable of the Recommended Acquisition remains unchanged. Ifthere is a change to the timetable it will be announced. For further information, please contact: Absa Group Limited Barclays PLC Investor Relations Investor RelationsWillie Roux Mark Merson/James Johnson+27 (0) 11 350 4061 +44 (0) 20 7116 5752/2927 Media Relations Media Relations - LondonNick Cairns Chris Tucker+27 (0) 11 350 6565 +44 (0) 20 7116 6223 Media Relations - Johannesburg Liz Hooper +27 (0) 11 328 3160 Johannesburg5 July 2005 Financial advisors to Absa Financial advisors to BarclaysGoldman Sachs International JP MorganMerrill Lynch International Barclays CapitalAbsa Corporate & Merchant Bank Attorneys to Absa Attorneys to BarclaysWebber Wentzel Bowens Deneys Reitz Inc. International Attorneys to Absa International Attorneys to BarclaysLinklaters Clifford Chance LLP Independent Advisor to Absa's BoardN.M. Rothschild Sponsor to AbsaMerrill Lynch South Africa (Pty) LtdCo-sponsor to AbsaAbsa Corporate & Merchant Bank Reporting Accountants to AbsaErnst & YoungKPMG This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barclays