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EXL
EXL
EXL - Excellerate Holdings Limited - Acquisition
EXCELLERATE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009884/06)
Share code: EXL & ISIN: ZAE000026092
("Excellerate")
ACQUISITION OF THE BUSINESS OF VIP DRY CLEANERS, PROCLEEN DRY CLEANERS AND BC
DRY CLEANERS
1. Introduction
Shareholders are advised that Excellerate has entered into an agreement
with Glendall Trading 1 (Pty) Ltd ("the Seller") dated 3 December 2007, to
purchase its business as a going concern ("the acquisition").
2. Nature of business
The business acquired consists of the retail dry cleaning businesses
operated by the Seller under the names Vip Dry Cleaners, Procleen Dry
Cleaners and Bc Dry Cleaners. In total, 33 retail outlets are being
acquired. The acquisition excludes the dry-cleaning processing facilities
since Levingers Dry Cleaners (Pty) Ltd already has sufficient capacity to
process the additional dry cleaning volumes.
3. Rationale for the acquisition
The purpose of the acquisition is to substantially increase Excellerate`s
retail dry cleaning presence and to create economies of scale for Levingers
with respect to garment processing and centralised functions.
4. Consideration
The consideration for the acquisition will be settled in cash. The full
consideration is payable on satisfactory fulfillment of all suspensive
conditions.
5. Suspensive conditions
The agreement is subject to several suspensive conditions. However, the
Board of Directors of Excellerate do not have any reason to expect that
such suspensive conditions will not be met within a reasonable time frame.
7. Categorisation
The acquisition is too small to be a categorised transaction in terms of
the JSE Limited Listings Requirements.
8. Continuation of Cautionary
Shareholders are referred to the cautionary announcements dated 15 October
2007, 26 November 2007 and 7 January 2008 and are advised that this
announcement is not related to the aforementioned cautionary announcements
in any way. Consequently caution still needs to be exercised when dealing
in Excellerate`s securities.
Johannesburg
16 January 2008
Sponsor
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 16/01/2008 15:37:58 Produced by the JSE SENS Department.
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