59CK Qnb Fin 26

RNS No 2767u
NEW CENTRAL WITWATERSRAND AREAS LIMITED
18th December 1998


New Central Witwatersrand Areas Limited
(Incorporated in the Republic of South Africa)
(Registration No. 05/04747/06)
("NCW")

Anglo American Corporation of South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 01/05309/06)
("AAC")

Approval of the NCW scheme

1. Approval of the scheme

Further to the announcement on Monday, 7 December 1998 that the requisite
majority of the NCW scheme members had approved the scheme of arrangement in
terms of Section 311 of the Companies Act, 1973 (Act 61 of 1973), as amended,
proposed by AAC between NCW and its members, other than AAC and its
subsidiaries ("the scheme"), it is today announced that the scheme was
sanctioned by the High Court of South Africa (Witwatersrand Local Division) on
Tuesday, 15 December 1998 and the Order of Court sanctioning the scheme was
registered by the Registrar of Companies on Friday, 18 December 1998.
Accordingly all of the conditions precedent to the scheme have been fulfilled
and the scheme will become operative on Monday, 21 December 1998.

In terms of the scheme, members of NCW, other than AAC and its subsidiaries,
will receive a cash payment of R69,85 per NCW share ("the scheme
consideration") held on the record date, being Friday, 18 December 1998.

2. Surrender of documents of title

In order to receive the scheme consideration, NCW shareholders who have not
already done so, are requested to surrender their documents of title. A
further surrender form will be posted to shareholders today.

Existing documents of title to NCW shares will not be good for delivery in
respect of transactions entered into with effect from the commencement of
business on Monday, 21 December 1998 and will have no value from this date
other than for surrender in exchange for the 

scheme consideration.

The scheme consideration will be posted or made available for collection on
Wednesday, 23 December 1998 for those members who surrender their documents of
title by 16:00 on Friday, 18 December 1998. For those members who surrender
their documents of title after Friday, 18 December 1998, the scheme
consideration will be posted or made available for collection five days after
the surrender of their documents of title.

3. Stock Exchange Listings

The listings of NCW shares on the Johannesburg Stock Exchange and the London
Stock Exchange will be terminated with effect from the close of trading on
Friday, 18 December 1998.

Johannesburg
18 December 1998


END

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