| Thu 14 Aug 2008, 8:44 | | IVT - Invicta - Announcement |
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IVT
IVT
IVT - Invicta - Announcement
Invicta Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/002182/06)
Share code: IVT & ISIN code: ZAE000029773
("Invicta")
ANNOUNCEMENT
Shareholders are referred to the SENS announcements dated 17 October 2007 and 18
April 2008 regarding the acquisition of Goldquest International Hydraulics (Pty)
Limited ("Goldquest") by Bearing Man, a subsidiary of Invicta.
Invicta is pleased to announce that Bearing Man has now successfully concluded
the acquisition of 100% 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 unconditional
and the purchase price is variable between R58 million and R65 million,
dependent on the profits of Goldquest in its current financial year and other
performance criteria. The purchase price will be settled in cash. 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 long term importance of this
acquisition, the directors of Invicta deemed it appropriate to inform
shareholders of the transaction.
Cape Town
14 August 2008
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Date: 14/08/2008 08:44:16 Produced by the JSE SENS Department.
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