KLG - Kelgran - Acquisition by National Pride Trad
KLG
KLG
KLG - Kelgran - Acquisition by National Pride Trading (Pty) Limited
Kelgran Limited
(Incorporated in the Republic of South Africa)
(Registration number 1975/004595/06)
Share code: KLG ISIN: ZAE000003885
("Kelgran" or "the company")
ACQUISITION BY NATIONAL PRIDE TRADING (PTY) LIMITED OF A CONTROLLING INTEREST
IN KELGRAN
CAUTIONARY ANNOUNCEMENT
1. Acquisition of a controlling interest in Kelgran
Shareholders are advised that an agreement dated 25 April 2007 ("the signature
date") has been concluded between Mycom South Africa (Pty) Limited and Skywin
Asia Investment Limited ("the vendors") and National Pride Trading (Pty)
Limited ("the purchaser") in terms of which the purchaser has acquired from
the vendors 71 904 100 Kelgran shares (representing a 84,2% interest in the
company) and all claims the vendors have against the company for a
consideration of R1,1 million, being an amount equivalent to 1,5 cents per
Kelgran share sold ("the acquisition"). The acquisition is effective 15
business days following the signature date, being 18 May 2007.
2. Mandatory offer and cautionary announcement
In terms of the Securities Regulation Code on Take-overs and Mergers, the
acquisition has resulted in the obligation for the purchaser to make a
mandatory offer to all Kelgran shareholders to acquire their shares on terms
no less favourable than those applicable to the acquisition ("the mandatory
offer"). The purchaser is in the process of finalising the offer document to
Kelgran shareholders ("the offer document"). The offer document is expected to
be posted to shareholders on 30 May 2007, at which time the mandatory offer
will open for acceptance by shareholders.
At the same time as the offer document is posted an announcement will be
published giving full details of the terms of the mandatory offer, as well as
the advice from the independent directors of Kelgran. Until this detailed
announcement is published, shareholders are advised to exercise caution when
dealing in the company`s shares.
Johannesburg
2 May 2007
Sponsor
Bridge Capital
Date: 02/05/2007 13:56:01 Produced by the JSE SENS Department.
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