Metropolis shareholders are to receive 11.44c in cash and 28.56c in new Primedia ordinary units for every Metropolis share they own.
Alternatively, they can elect to receive a cash payout of 40c per Metropolis share, according to a notice published by the company today.
The company, which operates the iafrica.com Internet portal, says its share on the JSE will be suspended on 25 October, and the listing will be terminated the following day.
Shareholders have been told that if they wish to accept the alternative offer of 40c cash for each share, they must elect to do so before noon on 14 November.
The dates are subject to change by agreement between Metropolis and the major shareholders, Primedia and Datatec, but Metropolis says it will publish details of any such change.
Metropolis, which exited the business-to-business arena last year, reported last month that it had incurred a R16.13 million headline loss (14.6c headline loss per share) for the year to 30 June 2001.
This was considerably better than the R49.57 million headline loss (45.5c headline loss per share) reported for the previous year.
The Metropolis share price was unchanged at 38c this morning.
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