10FY Arkle 2060

RNS Number:2641P
Genbel South Africa Ld
10 August 2000


GENBEL
Genbel South Africa Limited
(Incorporated in the Republic of South Africa)(Registration number
1949/032379/06)
("Genbel")

Terms of the capitalisation share award

1. INTRODUCTION
As stated in the results announcement published in the press on Tuesday, 1
August 2000, the directors of Genbel have resolved to proceed with an award to
shareholders of new ordinary shares in Genbel ("capitalisation shares") to be
issued as fully paid up ordinary shares by way of a capitalisation of
distributable reserves ("the capitalisation share award") to shareholders
registered as such at the close of business on Friday, 25 August 2000 ("the
record date").

2. TERMS OF THE CAPITALISATION SHARE AWARD

2.1 The capitalisation share award
Ordinary shareholders will receive fully paid capitalisation shares for all
ordinary shares registered in their names on the record date, in the ratio of
70 cents per existing share multiplied by 1,11divided by the weighted average
traded price of Genbel shares on the Johannesburg Stock Exchange ("JSE") for
the four trading days ending at the close of business on Thursday, 14September
2000.
Where the entitlement to capitalisation shares gives rise to a fraction of a
share, a cash payment will be made in respect of such fractions based on the
issue price of the capitalisation shares.
The capitalisation shares will, on issue, rank pari passu in all respects with
the then issued ordinary shares of Genbel.
Provided nominee companies supply Mercantile Registrars Limited ("Genbel's
transfer secretaries") with lists of the individual shareholdings of the
beneficial shareholders as at the record date, by number and not by name,
before the close of business on Friday, 22 September 2000, each such
individual beneficial shareholder will receive equal treatment to that
accorded to shareholders holding shares directly in their names. 

2.2 Terms of the election to receive a cash alternative
Shareholders may elect to decline the capitalisation shares in respect of all
or any part of their shareholding and instead receive a cash dividend of 70
cents per share.
The election must be made by completing and returning the form of election
which will be sent to shareholders. In order to be valid, completed forms of
election must be received by Genbel's transfer secretaries by not later than
12:00 on Friday, 22 September 2000, except for elections sent through the post
which will be accepted up to 12:00 on Wednesday, 27 September 2000, provided
that the envelope containing the form of election is postmarked not later than
Friday, 22September 2000. Genbel will automatically issue capitalisation
shares to those shareholders from whom forms of election are not received by
the above deadlines.

3. APPLICATION FOR LISTING
Application has been made to the JSE for a listing of the capitalisation
shares to be issued in terms of the capitalisation share award with effect
from the commencement of business on Tuesday, 3 October 2000.
Application has also been made to the London Stock Exchange and the Namibian
Stock Exchange for the listing of the capitalisation shares. 

4. DOCUMENTATION
A circular setting out the detailed terms of the capitalisation share award,
to which the form of election will be attached, is being finalised. Subject to
the approval of the JSE, the circular will be sent by post, on Friday, 1
September 2000 to shareholders registered as such on the record date.

A supplementary circular will be sent to shareholders on the UK register
giving details of the procedures for the UK election. This will be issued with
the South African circular and copies will be available from the UK
Secretaries and UK Registrars


By order of the Board
EH Verbeek                                        Johannesburg
Secretary                                     



Investment bank
GENSEC
Gensec Bank Limited
(Registration number 1996/004744/06)

Sponsoring brokers in Namibia
HERBERT MAIER
Member of the Namibian Stock Exchange
Trading as
Fleming Martin Securities Ltd

Sponsoring brokers
FLEMING MARTIN
Fleming Martin Securities Ltd
Registration number 1995/011815/06
Member of The Johannesburg Stock Exchange

UK Secretaries
Project Consultants Limited 
Walnut House
Walnut Gardens
Claydon
Banbury
Oxon OX17 1NA

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