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BFS
BFS
BFS - Blue Financial Services Limited - Acquisition of Kenyan Business
Blue Financial Services Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/006595/06)
JSE code BFS & ISIN ZAE000083655
("Blue" or "the company")
ACQUISITION OF KENYAN BUSINESS
1. Introduction
Shareholders are advised that Blue Limited - Kenya ("Blue Kenya"), a wholly-
owned subsidiary of Blue, registered in Kenya, has entered into a Sale of
Business Agreement with Jaribu Credit Traders Limited ("Jaribu")("the
agreement") to acquire:
the debtor`s book of Jaribu and contractual rights and obligations in
relation thereto; and
an existing network infrastructure comprising a head office and 13 branches.
(collectively "the sale subject matter" or "the acquisition").
2. Consideration
The aggregate cash amount to be paid for the sale subject matter equals US$1
600 000.
3. Nature of business and rationale
Jaribu is a hire purchase trading business.
Through the acquisition, Blue acquires a debtor`s book of US$890 000, a well-
established network infrastructure comprising a head office and 13 branches
in prime locations and an existing client base.
4. Conditions precedent
The agreement does not contain any warranties that are unusual in a
transaction of of this nature. Conditions precedent include:
confirmation that all necessary regulatory, Government and other relevant
approvals have been obtained;
confirmation that all lease agreements have been transferred to Blue Kenya
without any changes to the terms and conditions thereof;
confirmation that Blue Kenya has entered into employment agreements with all
existing staff members; and
receipt of a board resolution passed by Jaribu authorising the acquisition.
5. Effective date
The effective date will be the fourth business day subsequent to the
fulfilment of all the conditions precedent.
6. Financial effects of the acquisition
No pro forma financial effects pertaining to the acquisition are provided as
the effect on earnings, headline earnings, diluted earnings, diluted headline
earnings, net asset value and tangible net asset value per share are
insignificant.
7. Categorisation
The acquisition is a "Category 2" transaction in terms of paragraph 21.10 of
the Listings Requirements of the JSE Limited and there are no related party
considerations.
Pretoria
6 November 2007
Designated Advisor
Ernst & Young Sponsors (Pty) Limited
Date: 06/11/2007 08:30:01 Produced by the JSE SENS Department.
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