AMA SHF
AMA SHF
AMA/SHF - Amap/Steinhoff - Joint announcement
AMALGAMATED APPLIANCE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1997/004130/06)
Share code: AMA & ISIN: ZAE000012647
("Amap")
STEINHOFF INTERNATIONAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/003951/06)
Share code: SHF & ISIN: ZAE000016176
("Steinhoff")
JOINT ANNOUNCEMENT
Following the termination of the merger discussions between Amap and Steinhoff
as announced on 12 April 2007 and Steinhoff`s subsequent disposal of its South
African furniture manufacturing interests to a Private Equity Consortium, the
nature of Steinhoff`s investment in Amap has changed. The potential for
synergistic benefits between Amap and Steinhoff are no longer applicable.
Furthermore, because of Steinhoff`s stated objective of entering the Retail
arena in South Africa, the continued representation of Steinhoff on the Amap
board may have developed into potential and/or perceived conflicts of interest
in respect of Amap`s relationships with its existing customers. Steinhoff will
accordingly hold its 26,7% interest in Amap as a long-term investment.
In view of the above, Steinhoff resolved that it would be in the best interests
of both companies that Messrs Markus Jooste and Danie van der Merwe resign as
non-executive directors from the Board of Amap with effect from 23 August 2007.
24 August 2007
Johannesburg
Sponsor to Amap: Bridge Capital Advisors (Pty) Limited
Sponsor to Steinhoff: PSG Capital (Pty) Limited
Date: 24/08/2007 11:24:01 Produced by the JSE SENS Department.
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