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EXL
EXL
EXL - Excellerate Holdings Limited - Acquisition of the businesses of Omnipark
and Omnigate
EXCELLERATE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009884/06)
Share code: EXL ISIN: ZAE000026092
("Excellerate"or "the company")
ACQUISITION OF THE BUSINESSES OF OMNIPARK AND OMNIGATE
1. Introduction
Shareholders are advised that Excellerate has entered into agreements with
Omnipark 1 CC, Omnipark (Western Cape) CC (collectively "Omnipark") and Omnigate
CC ("Omnigate") (collectively "the Sellers") to purchase their businesses as a
going concern ("the acquisition").
2. Nature of business
The businesses acquired consist of parking management operations and admission
gate management as conducted by the Sellers.
3. Rationale for the acquisition
The Omnipark and Omnigate businesses have considerable brand strength and market
share, particularly in the Western Cape and increasingly in KwaZulu Natal. The
company has been in operation for 15 years and in such time has developed a
reputation for professionalism, solid service delivery and customer service
through high calibre staff. Management of these entities will continue to pursue
growth opportunities for the company under these brands on a national basis.
The purpose of the acquisition is to significantly increase Excellerate`s
exposure to the parking industry through ownership of a recognised competitive
parking brand within the Excellerate Group. Moreover, to grow its admission gate
services by acquisition of a leading entity in this field. The company expects
to achieve some useful synergies as a result of the acquisitions.
4. Effective Date
The Effective Date of the acquisition is 1 March 2008.
5. Consideration
The consideration for the acquisition will be settled in cash. Sixty five
percent of the consideration is payable on satisfactory fulfillment of all
suspensive conditions. The balance of the consideration is payable in February
2009 at the financial year end subject to certain performance conditions
relating to maintenance of contract revenues.
6. Suspensive conditions
The agreement is subject to several suspensive conditions. However, the Board
of Directors of Excellerate does not have any reason to expect that such
conditions precedent will not be met within a reasonable time frame.
7. Categorisation
The acquisition is below the threshold to be a categorised transaction in terms
of the Listings Requirements of the JSE Limited.
8. Continuation of Cautionary
Shareholders are referred to the cautionary announcement dated 30 June 2008
and are advised that this announcement is not related to the aforementioned
cautionary in any way. Consequently caution still needs to be exercised when
dealing in Excellerate`s securities.
Johannesburg
1 August 2008
Sponsor
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 01/08/2008 13:00:01 Produced by the JSE SENS Department.
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