BCF
BCF
BCF - Bowler - Disposal of ordinary shares in and claims against AMCOS
Cosmetics International (Proprietary) Limited
Bowler Metcalf Limited
REG NO : 1972/005921/06
SHARE CODE : BCF ISIN CODE :ZAE000030797
(Incorporated in the Republic of South Africa)
("Bowler" or "the Company")
DISPOSAL OF ORDINARY SHARES IN AND CLAIMS AGAINST AMCOS COSMETICS INTERNATIONAL
(PROPRIETARY) LIMITED ("AMCOS")
1. INTRODUCTION
Shareholders are advised that an agreement, dated 25 June 2007, has been
signed between Bowler and Beige Holdings Limited ("Beige"), in terms of
which Bowler has disposed of its entire shareholding and loan accounts in
Amcos to Beige, with effect from 1 July 2007. The disposal consideration
is to be settled by means of a cash payment of R6 522 448 and the issue of
26 089 792 ordinary shares in Beige at an issue price of 25 cents, and a
further eighteen equal monthly payments, the value of which is subject to
the liquidation of the Amcos working capital as at 30 June 2007.
2. HISTORY AND NATURE OF BUSINESS OF AMCOS
Amcos manufactures and packages cosmetics and toiletries in South Africa.
Bowler acquired an 80% shareholding in Amcos in 2003.
3. RATIONALE FOR THE DISPOSAL
Amcos is loss making and not core to Bowler`s business.
4. FINANCIAL EFFECTS OF THE DISPOSAL
There are no material financial effects arising from the disposal of Amcos.
5. CONDITIONS PRECEDENT
The disposal is subject to the conclusion of final agreements, the
completion of a due diligence and Competition Commission approval.
Cape Town
11 July 2007
Sponsor
Sansara Financial Services (Pty) Limited
Date: 11/07/2007 17:31:53 Produced by the JSE SENS Department.
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