METOREX LIMITED                                

                (Incorporated in the Republic of South Africa)                 

                     (Registration number 1934/005478/06)                      

                                 JSE code: MTX                                 

                              ISIN: ZAE000022745                               

                            JSE code for LA's: MTXN                            

                          ISIN for LA's: ZAE000129706                          

                              Issuer code: MEMTX                               

                         ("Metorex" or "the Company")                          

FINALISATION ANNOUNCEMENT REGARDING THE RENOUNCEABLE CLAW BACK OFFER OF 129 461
597 ORDINARY METOREX SHARES ("THE CLAW BACK OFFER")

1. INTRODUCTION

Further to the announcements published on the Securities Exchange News Service
on Thursday, 27 November and Thursday, 4 December 2008 in which Metorex
shareholders were advised of Metorex 's intention to raise R258 923 194, before
expenses, through the issue of 129 461 597 new Metorex shares ("Claw Back
Shares"), at a price of 200 cents per share in the ratio of 34.94 Claw Back
Shares for every 100 Metorex shares currently in issue, Metorex shareholders
are advised that the following suspensive conditions have been fulfilled:

  * the listing of the Claw Back Shares to be allotted and issued pursuant to
    the Claw Back Offer has been granted by the JSE Limited ("JSE");
   
  * the listing of the renounceable (nil paid) letters of allocation in respect
    of the Claw Back Offer has been granted by the JSE; and
   
  * the Claw Back Offer and implementation thereof has been approved by the
    Registrar of Companies.
   
As a result the Claw Back Offer is now unconditional, and will be implemented
in accordance with the timetable set out in paragraph 2 below.

2. SALIENT DATES AND TIMES

The salient dates and times relating to the Claw back offer are set out below:

Last day to trade in Metorex shares in order to settle     Tuesday, 23 December
by the record date and to qualify to participate in the                    2008
claw-back offer (cum entitlement)                                              
                                                                               
Listing of Letters of Allocation on the JSE commences    Wednesday, 24 December
at commencement of trading                                                 2008
                                                                               
Metorex shares commence trading ex-rights on the JSE at  Wednesday, 24 December
commencement of trading                                                    2008
                                                                               
Record date for participation in the claw-back offer at  Friday, 2 January 2009
the close of business                                                          
                                                                               
Claw-back offer circular and Form of Instruction posted  Monday, 5 January 2009
to shareholders, where applicable                                              
                                                                               
Claw-back offer opens at commencement of trading         Monday, 5 January 2009
                                                                               
Dematerialised shareholders will have their accounts at  Monday, 5 January 2009
their CSDP or broker automatically credited with their                         
entitlement                                                                    
                                                                               
Certificated shareholders on the register will have      Monday, 5 January 2009
their entitlement credited to an account held with the                         
transfer secretaries                                                           
                                                                               
Last day to trade in Letters of Allocation on the JSE   Friday, 16 January 2009
                                                                               
Listing of claw-back offer shares commences at          Monday, 19 January 2009
commencement of trading                                                        
                                                                               
Claw-back offer closes - payments to be made and Form   Friday, 23 January 2009
of Instruction in respect of Letters of Allocation                             
lodged by certificated shareholders by 12:00                                   
                                                                               
Record date for Letters of Allocation                   Friday, 23 January 2009
                                                                               
Dematerialised shareholders' accounts will be updated   Monday, 26 January 2009
with entitlements and debited by their CSDP or broker                          
and certificates posted to certificated shareholders                           
                                                                               
Results of claw-back offer announcement released on     Monday, 26 January 2009
SENS on                                                                        
                                                                               
Results of claw-back offer announcement released in         Tuesday, 27 January
press on                                                                   2009

Notes:

 1. Dematerialised shareholders are required to notify their duly appointed
    CSDP or broker of their acceptance of the claw-back offer in the manner and
    time stipulated in the agreement governing the relationship between the
    shareholder and his CSDP or broker.
   
 2. All times indicated are South African times unless otherwise stated.
   
 3. Share certificates may not be dematerialised or rematerialised between
    Wednesday, 24 December 2008 and Friday, 2 January 2009, both days
    inclusive.
   
 4. The CSDP / broker accounts of dematerialised shareholders will be
    automatically credited with new Metorex shares to the extent to which they
    have accepted the claw-back offer. Metorex share certificates will be
    posted, by registered post at the shareholders' risk, to certificated
    shareholders in respect of the claw-back offer shares which have been
    accepted.
   
 5. CSDPs or brokers effect payment in respect of dematerialised shareholders
    on a delivery versus payment method.
   
3. CIRCULAR

The circular setting out the detailed terms of the Claw Back Offer will be
posted on Monday, 5 January 2009 to shareholders recorded as such in the
register on Friday, 2 January 2009.

15 December 2008

Rosebank

Corporate advisor, sole book-runner and lead sponsor on the JSE to Metorex

Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Independent sponsor on the JSE to Metorex

Deloitte & Touche Sponsor Services (Pty) Limited



END
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