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W.I. Pulp & Paper Ltd. – Special Resolution to de-list

The extra-ordinary general meeting of the company on February 28, 2002 dealt with a Special Resolution relating to the de-listing of the company from the Stock Exchange and an offer by the major shareholders, Investment Management Services Ltd. to acquire the 16.5% minority shareholding at 55 cents per share.

The motion moved by Investment Management Services Ltd. was defeated by the votes of the majority of the minority shareholders in attendance at the meeting.

In accordance with Rule 411 of the JSE, Investment Management Services Ltd. has therefore commenced proceedings to make the offer to purchase the shares at 55 cents each directly to the minority shareholders. The process is being channeled through the Registrars, BNS Trust Co. Ltd. Shareholders will be informed of the outcome.

The company has formalized an application to delist W.I. Pulp & Paper Ltd. from the JSE.