| Wed 17 Oct 2007, 13:00 | | IVT - Invicta Holdings Limited - Announcement |
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IVT
IVT
IVT - Invicta Holdings Limited - Announcement
Invicta Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/002182/06)
Share code: IVT & ISIN code: ZAE000029773
("Invicta")
ANNOUNCEMENT
Invicta is pleased to announce that it`s subsidiary, Bearing Man (Pty) Ltd.
("Bearing Man"), has concluded Heads of Agreement for the acquisition of 85%
of Goldquest International Hydraulics (Pty) Ltd ("Goldquest"). The balance of
the shares will be retained by the management of Goldquest. Goldquest is a
specialist hydraulic components and services business with distributors in the
major industrial areas of South Africa. It has sole distribution rights for
leading brands like Eaton/Vickers, Marzocchi, Larzep, Pister, Schroeder, EP
Italiana, MEGI, Pilan and others. This strategic investment will enable
Bearing Man to broaden its product offering in industrial consumables and
enable Bearing Man to penetrate deeper into the industrial consumable markets.
The transaction is subject to various conditions precedent, including the
approval of the Competition Commission, and should be completed by early next
year. The transaction falls below the threshold of the categorization of
transactions which require disclosure in terms of the JSE Limited`s Listings
Requirements. Nevertheless, due to the strategic nature and importance of this
acquisition, the directors of Invicta deemed it appropriate to inform
shareholders of the transaction.
Cape Town
17 October 2007
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Date: 17/10/2007 13:00:01 Produced by the JSE SENS Department.
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