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AIP - Adcock Ingram Holdings Limited - Abridged pre-
listing statement
Adcock Ingram Holdings Limited ("Adcock" or the
"company")
(Incorporated in the Republic of South Africa)
(formerly "Newshelf 891 (Proprietary) Limited")
(Registration No. 2007/016236/06)
Share code: AIP
ISIN: ZAE000123436
ABRIDGED PRE-LISTING STATEMENT
Abridged pre-listing statement relating to the listing of
Adcock Ingram Holdings Limited on the JSE Limited ("JSE")
with effect from the commencement of business on 25
August 2008.
This abridged pre-listing statement is not an invitation
to the public to subscribe for shares in Adcock, but is
issued in compliance with the Listings Requirements of
the JSE for the purpose of providing information to the
public with regard to Adcock. This abridged pre-listing
statement contains extracts of the salient features of
the pre-listing statement, which extracts are qualified
and/or contextualised by, and should be read with, that
pre-listing statement.
1. INTRODUCTION
The separate listing and subsequent unbundling of Adcock
is subject to the fulfilment of the following inter-
conditional conditions precedent, namely the passing at
the general meeting of shareholders of Tiger Brands
Limited ("Tiger Brands") to be held at 10h00 on Thursday,
14 August 2008 at the registered office of Tiger Brands
of the resolutions required to -
* implement the unbundling; and
* effect the required amendments to the Tiger Brands
share option and share purchase schemes and approve the
creation of the Adcock share incentive schemes.
Subject to Tiger Brands shareholder approval, Tiger
Brands will unbundle its entire shareholding in Adcock.
Accordingly, approximately 172 558 278 Adcock ordinary
shares of R0.10 par value each will be listed on the Main
Board of the JSE in the "Pharmaceuticals" sector under
the short name "Adcock" and share code "AIP", with effect
from the commencement of business on 25 August 2008.
Tiger Brands shareholders (including Tiger Consumer
Brands Limited, a wholly-owned subsidiary of Tiger
Brands) who are recorded on the register on 29 August
2008 will receive one Adcock share for every one Tiger
Brands share held on such date.
2. OVERVIEW OF THE BUSINESS OF ADCOCK
Adcock consists of two principal divisions, namely the
Pharmaceutical and Hospital Products divisions.
Pharmaceutical
The Pharmaceutical division manufactures, markets and
sells branded and generic prescription and over-the-
counter ("OTC") products. The division offers a diverse
range of molecules in a wide range of formulations
including solids, liquids, inhalations and injectables.
The Pharmaceutical division is split into two categories,
being prescription medicines and OTC medicines. The
prescription category comprises Schedule 3 and above
drugs. The OTC or self-medication category comprises non-
prescription Schedule 0 to 2 drugs.
Hospital Products
The Hospital Products division provides a comprehensive
range of life-saving and life-enhancing products used in
hospitals, clinics, blood transfusion centres, kidney
dialysis units, laboratories and by patients at home.
Products supplied include intravenous fluids, infusion
pumps, hospital pharmaceuticals, wound care products,
renal care products and disposables. Furthermore, the
division supplies a range of equipment and disposables
used in the collection, processing and storage of blood
and blood products. The scientific business provides
laboratory and diagnostic equipment and consumables to
the hospital, pathology laboratory, industrial laboratory
and academic research market sectors.
3. INVESTMENT HIGHLIGHTS
3.1. Market leading position in South Africa
Adcock is a leading South African healthcare group with
an overall 11.3% share of the private healthcare market
(prescription and OTC). Adcock`s Pharmaceutical division
holds the No. 1 position in OTC medicines and the No. 2
position in prescription generics. Doctors in South
Africa prescribe more Adcock products than those of any
other company. Adcock has leading market shares in key
segments, with two prescription brands (namely Synap
Forte and Adco-Zolpidem) ranked No. 1 in their respective
treatment segments. In addition, Adcock has three of the
top ten OTC brands, namely Adco-Dol, Panado and Corenza
C. Other household names include Citro Soda, Compral and
Bioplus. Adcock ranks second amongst pharmaceutical
companies in the fast-moving-consumer-goods ("FMCG")
channel.
Adcock`s Hospital Products division is South Africa`s
leading supplier of hospital and critical care products,
blood systems and accessories as well as products used
for renal dialysis. The division has leading market
shares estimated by management to be 36% in renal and 64%
in blood, as well as significant market positions in
medicine delivery of 11% and scientific products of 8%.
3.2. Industry leading brand name
As a leading healthcare corporate brand in South Africa,
Adcock benefits from strong brand loyalty. The brand is
over 100 years old and is highly recognised and trusted
in South Africa as a mark of quality with "first to mind"
product brands. According to the recent Campbell Belman`s
Confidence Standing Amongst Companies survey (local and
multinational) which measures pharmacist and general
practitioner feedback in relation to certain
characteristics like trust in the company, trust in the
products, future prospects, communication and service,
Adcock is ranked first and second by general
practitioners and pharmacists respectively out of 12
generic companies and second out of 32 OTC/self-
medication companies at a pharmacy level in South Africa.
The Adcock brand has had a strong relationship with
hospitals and healthcare professionals since the early
1950`s.
3.3. Broad and high quality product portfolio
The Pharmaceutical division has a comprehensive portfolio
of branded and generic prescription medicines across a
broad range of therapeutic areas. In addition, Adcock has
a quality portfolio of OTC products represented in key
therapeutic categories including cough and cold,
analgesics and gastrointestinal tract.
Adcock`s product offering spans a wide array of
formulations. In liquids, Adcock is the leading supplier
in South Africa.
The Hospital Products division has a comprehensive range
of intravenous solutions, generic injectables, infusion
pumps and related consumables. In addition, the Adcock
Group offers products for haemodialysis and peritoneal
dialysis, products for the collection, processing and
storage of blood components, and a portfolio of products
and services for clinical diagnostics and molecular
biology.
3.4. Strong product pipeline
Adcock has a strong pipeline of new products across all
therapeutic areas and product lines. The Adcock
development team launched 11 new products during 2007.
Adcock also recently launched an anti-retroviral ("ARV")
drug portfolio, researched and developed in its World
Health Organisation approved R&D facility. In this regard
Adcock`s status as a participant in the local
pharmaceutical industry provides advantages in being able
to secure a significant share of the Government`s spend
on ARVs. Recently, Adcock was awarded a 2 year ARV
contract worth R663 million in total.
3.5. Strong partnerships
Adcock has been successful in sourcing and maintaining a
number of in-licensing agreements with leading global
healthcare companies including Baxter Healthcare S.A.,
Fenwal Blood Technologies, Gambro, Becton Dickinson,
Getinge Group, ConvaTec (a division of Bristol-Myers
Squibb), Shire, Leo Pharma, Mundipharma International and
The Menarini Group. These strong partnerships enable
Adcock to launch new products into the South African
market, many of which are superior to existing marketed
products.
3.6. Cost efficient manufacturing base
Through its low-cost manufacturing facilities in South
Africa and recently established facility in India, Adcock
is able to maintain a cost-efficient manufacturing base.
3.7. Highly specialised sales force supported by a strong
service franchise
Adcock`s sales force of 277 full time employees is highly
specialised and is split by customer and product group.
Strong relationships have been forged with physicians and
pharmacists in the public and private markets. Adcock is
renowned for its after market support and services to
both customers and patients, thereby ensuring a loyal
customer base and a high level of repeat business.
3.8. Strong management team with proven track record
The nine senior executive managers have over 100 years of
combined industry experience and have been with Adcock on
a combined basis for over 50 years.
3.9. Positive growth in the healthcare sector in the
medium to long term
The South African healthcare market benefits from
favourable demographic trends, such as Government
initiatives to combat HIV/AIDS, sustained growth in the
middle class who enjoy increasing levels of real
disposable income and increased accessibility to
healthcare products. Government policy is targeted at
increasing the number of individuals on private medical
insurance through initiatives such as the Government
Employee and Low Income Medical Schemes. There are
increased levels of education on the benefits of western
medicine leading to a move away from traditional
therapies to western drugs/treatments. There is also
ongoing significant capital expenditure in public
hospitals to replace ageing medical equipment and to
upgrade facilities.
3.10. Leverage South African platform into Africa and
other international markets
Adcock has been active in the rest of Africa for the past
15 years and has developed a substantial footprint and
client base in the region. Adcock is well placed to
leverage this business with an extensive offering of
products into further African and other international
markets.
4. BUSINESS STRATEGY
Adcock`s business strategy is based on leveraging the
following key strengths:
* an industry leading footprint in prescription
products, OTC and hospital products, thus ensuring a
loyal customer base of doctors, pharmacists, hospitals
and retailers;
* a leading corporate brand in the South African
healthcare industry with a heritage of trusted quality;
* the ability to attract and retain key people in the
industry; and
* a spread of key principals with a strong innovation
pipeline.
These key strengths permit Adcock to execute its business
strategy by focusing on the following primary strategic
initiatives:
a) Increase market penetration
Adcock will continue to promote its market leading
products through the promotion of its corporate and
product specific brand image to increase penetration and
maintain its "top of mind" position.
b) Secure further market share by launching new products
To secure additional market share in South Africa, Adcock
intends to launch new products in both existing and new
therapeutic areas through the timely introduction of new
generic products. Adcock`s ability to effectively
promote new products is as a result of its strong
corporate brand name and specialised sales and marketing
infrastructure.
c) Focus on cost-efficient manufacturing
Adcock has a programme to optimise its production
processes which includes improving and further automating
its Pharmaceutical Inspection Convention ("PIC/s")
approved production facilities in South Africa, with the
aim of gaining international accreditation, as well as
transferring, where appropriate, certain manufacturing
capabilities to its facility in India, thereby further
reducing the overall cost base.
d) Capture significant demand in sub-Saharan Africa
Adcock has been successful in becoming a domestic
supplier of choice in its local markets. Adcock`s local
platform strength provides the opportunity to replicate
this success in other sub-Saharan markets.
e) Growth through acquisitions and in-licensing of new
products
Adcock intends to continue to source new proprietary
products by leveraging its strong local brand name
supported by its specialised sales and marketing teams
and after-market service offering. In addition, Adcock
has a well established track record in sourcing and
concluding value adding acquisitions.
5. ADCOCK PROSPECTS
5.1. Growth outlook
Adcock`s growth prospects are closely aligned with its
ability to execute the following initiatives:
a) Optimise its existing branded portfolio by
leveraging off its pharmacy competence platform into the
rapidly growing FMCG sector and moving into adjacent and
new healthcare categories.
b) Pursue meaningful organic growth opportunities by:
* growing its profile as the multinational partner
of choice in Africa;
* innovation in regard to its substantial portfolio
of branded products;
* more actively targeting the public tender market;
* leveraging its proprietary portfolio of ARVs into
a market which is set to grow exponentially;
* developing its industry leading footprint across
sub-Saharan Africa; and
* continuing to deliver world class service.
c) Make acquisitions in selected markets, targeting
local and adjacent category businesses; expansion into
Africa and making selective international acquisitions
which will enable the business to benefit from new
intellectual property.
d) Develop exportable competencies by taking advantage
of Adcock`s world class formulation and manufacturing
skills.
e) Implement meaningful transformation across the
business with particular emphasis on ownership, socio-
economic development, employment equity and preferential
procurement.
Adcock is well positioned to execute the above
initiatives, based on its existing key capabilities which
it has successfully demonstrated over many years. These
include:
* the ability to attract, retain and develop key
people;
* a long standing reputation for innovation in
formulations and new product development;
* excellence in brand building, customer and channel
management;
* cost leadership in manufacturing and distribution;
* long standing international licensing
relationships with industry leading principals; and
* extensive pharmacy, FMCG, hospital and doctor
relationships.
5.2. Capital expenditure programme
Adcock`s renewal and expansion programme is primarily
focused in the short to medium term on the following key
projects:
* ongoing upgrades of existing facilities in
compliance with PIC/s requirements;
* the construction in 2009 and 2010 of a green
fields high volume liquids manufacturing facility in
South Africa; and
* upgrades to the new office in Midrand as well as
the development of a co-located distribution centre in
2008 and 2009.
The total capital expenditure for these key projects is
forecast at approximately R850 million, with the
expenditure being phased over three years as follows:
* 2008 - R150 million;
* 2009 - R400 million; and
* 2010 - R300 million
This capital expenditure is expected to be funded from
the internally generated business cash flows of Adcock.
5.3. Challenges
Adcock, being an industry leading player in the
healthcare sector, is subject to the following key
strategic challenges:
a) Regulation
Regulation in the healthcare sector globally continues
to increase as the cost of healthcare remains a primary
focus for many governments. The South African
healthcare industry has followed many international
regulatory trends, but also has it own peculiar
dynamics. A significant step in the regulatory process
was the introduction of Single Exit Pricing in 2004.
The South African regulator has also recently proposed
the introduction of International Benchmarking.
Uncertainty concerning the form which International
Benchmarking will take in South Africa and when it will
be introduced is a challenge for Adcock and other
industry players. Adcock is actively engaging with the
Pricing Unit of the Pricing Committee via the industry
body (Pharmaceutical Industry Association of South
Africa - "PIASA") to negotiate an outcome which will
assist in ensuring that Adcock and the industry is in a
position to continue to expand and have the capacity to
invest for the long term.
b) Competition
The South African market continues to attract new
international and domestic competitors due to the
favourable conditions and prospects that the country
continues to enjoy. This increased competition is
likely to compress margins for the entire industry,
however Adcock is well positioned to protect and grow
market share as a result of its substantial portfolio
of products, household brands and strong management
team.
Although the challenges which Adcock face are
substantial, the underlying dynamics of the healthcare
sector continue to offer industry players an overall
attractive outlook. The key industry dynamics are as
follows:
* increased access to medical schemes (Government
Employee and Low Income Medical Schemes);
* continued economic growth and the emergence of a
sizeable black middle class;
* ageing population;
* general under-diagnosis of many diseases;
* private and public hospital infrastructure
expansion;
* substantial funding being made available to combat
HIV/AIDS; and
* a move away from traditional remedies to western
medicines.
6. CAPITAL STRUCTURE
Adcock will be listed with a total net debt of
approximately R250 million.
7. BAXTER HEALTHCARE S.A. RELATIONSHIP AND OPTION
AGREEMENT
7.1. Background
Baxter Healthcare S.A. ("Baxter"), a Swiss company,
operates as a healthcare company worldwide. It offers
medical devices, pharmaceuticals, and biotechnology
products for the treatment of haemophilia, immune
disorders, cancer, infectious diseases, kidney disease,
trauma, and other chronic and acute medical conditions.
Adcock enjoys a longstanding and mutually beneficial
relationship with Baxter. Up until 1986 Baxter owned 40%
of the hospital products division at which time it sold
its shareholding to Adcock in compliance with
international sanctions on South Africa at the time.
However, Baxter has continued to supply a range of
hospital products and intellectual know-how to Adcock
Ingram Critical Care (Pty) Ltd ("AICC") and recently it
was agreed by both parties that it was appropriate to
redefine the relationship that had its origin in the late
1940`s. Accordingly, Adcock has entered into a suite of
inter-related agreements which supersede the pre-existing
relationship. These agreements included a licence
agreement, a distribution agreement, a raw materials
supply agreement and the option agreement. Baxter has
extended its exclusive relationship with AICC for a
further period of 15 years from March 2008.
7.2. The option agreement
The option agreement excludes Adcock`s interest in The
Scientific Group (Proprietary) Limited which houses the
scientific business of Adcock. The scientific business
provides laboratory and diagnostic equipment and
consumables to the hospital, pathology laboratory,
industrial laboratory and academic research market
sectors.
In terms of the option agreement, Baxter is granted a
call option to purchase 50% plus 1 share ("Call Option
Shares") of the share capital of AICC held by Adcock for
its fair market value at the time of exercise. The fair
market value of the Call Option Shares will be agreed
between the parties or, if not agreed, will be determined
by an independent expert, whose recommendation shall be
final and binding on all parties. In either instance, the
fair market value of the Call Option Shares shall be
determined in accordance with the discounted cash flow
valuation technique as set out in the option agreement.
The call option exercise price for the Call Option Shares
will not exceed R4 862 million and will be settled in
cash.
The timing of the exercise of the call option is
dependent on the date when Baxter exercises its right to
request that a determination of the fair market value of
the Call Option Shares be made, which request period
commences on 1 February 2010 and ends on 31 July 2010. In
terms of the option agreement, the call option is
exercisable by Baxter at its discretion during a two
month period commencing from the date on which Adcock and
Baxter reach agreement on the fair market value of the
Call Option Shares. In terms of this process, it is
estimated that the earliest date on which the sale
resulting from the exercise of the call option will close
is 1 January 2011, subject to the approval of the
proposed sale by the competition authorities.
If Baxter exercises the call option and the resulting
sale is implemented, then Adcock has a put option to sell
its remaining stake ("Put Option Shares") in AICC to
Baxter, which put option process may be initiated at any
time during the fourth month after Baxter has acquired
the Call Option Shares. The price of the Put Option
Shares will be derived using the same valuation technique
to establish the price of the Call Option Shares as
described above.
Both sales, if concluded, will be subject to customary
terms and conditions, including inter alia the obtaining
of necessary regulatory approvals. The parties have
agreed on certain restrictive covenants designed to
protect the value of the call and put options until
exercised or lapsed. AICC is not, however, prevented from
consummating a black economic empowerment transaction.
If Baxter does not exercise its call option, then the
relationship between Baxter and AICC continues for the
remainder of the 15 year period commencing in March 2008.
If the put option is not exercised by Adcock during a
period of one month commencing from the date on which
Adcock and Baxter reach agreement on the fair market
value of the Put Option Shares or such value is
determined by the independent expert, then the put option
shall lapse.
8. FINANCIAL OVERVIEW
Adcock`s three years of audited consolidated financial
information for the years ended 30 September 2005, 2006
and 2007 ("full year results") as well as reviewed
interim results for the 6 months ended 31 March 2007 and
2008 are available on the websites of Tiger Brands
(www.tigerbrands.com) and Adcock (www.adcock.co.za). The
full year results as well as the reviewed results for the
6 months ended 31 March 2007 include the Consumer
division (personal care, home care and baby care) which
was sold to Tiger Brands in April 2007. Accordingly,
these results are considered to not fairly reflect the
stand-alone financial performance of Adcock over the
respective periods.
8.1. Pro forma financial statements for the financial
year ended 30 September 2007
The following abridged pro-forma financial information
excludes the Consumer division, adjusts for Adcock`s
unbundled net debt position (of approximately R250
million) and adjusts for other relevant separation
implications. The full pro forma financials are also
available on the websites of Tiger Brands and Adcock. The
abridged pro forma financial information is prepared for
illustrative purposes only and because of its nature may
not give a true picture of Adcock`s financial position,
changes in equity, results of its operations or cash
flows.
8.1.1. Abridged pro forma income statement for the
financial year ended 30 September 2007
R m Pro forma
Group
2007
2 879.2
Turnover
Operating income before 944.1
abnormal items
Abnormal items (45.8)
Operating income after 898.3
abnormal items
Interest paid (135.8)
Interest received 56.7
Profit before taxation 819.2
Taxation (241.1)
PROFIT FOR THE YEAR 578.1
Attributable to equity holders 570.4
of the parent
Attributable to minorities 7.7
578.1
Number of shares to be issued 172.4
(m)
Earnings per share (in cents) 330.9
Headline earnings per share 376.5
(in cents)
8.1.2. Abridged pro forma balance sheet as at 30
September 2007
R m Pro forma
Group
2007
661.8
Non-current assets
Property, plant & equipment 260.0
Goodwill and other 234.8
intangibles
Investments 150.5
Deferred taxation 16.5
Current assets 1 666.7
Inventories 433.0
Trade and other receivables 668.3
Amounts due by holding 16.4
company and fellow subsidiary
Cash and cash equivalents 549.0
TOTAL ASSETS 2 328.5
EQUITY AND LIABILITIES
Capital and reserves 952.6
Ordinary share capital and 1 104.7
share premium
Non-distributable reserves 59.5
Accumulated deficit (211.6)
20.7
Minority interest
TOTAL EQUITY 973.3
Non-current liabilities 451.3
Deferred taxation 31.3
Provision for post-retirement 12.8
medical aid
Long-term borrowings 407.2
Current liabilities 903.9
Trade and other payables 449.9
Provisions 39.7
Taxation 5.2
Short term borrowings 408.4
Shareholders for dividends 0.7
TOTAL EQUITY AND LIABILITIES 2 328.5
Net asset value per share (in 552.6
cents)
Tangible net asset value per 416.4
share (in cents)
8.2. Pro forma financial statements for the interim 6
months ended 31 March 2008
The following abridged pro-forma financial information
adjusts for Adcock`s unbundled net debt position (of
approximately R250 million) and adjusts for other
relevant separation implications. The full pro-forma
financials are also available on the websites of Tiger
Brands and Adcock. The abridged pro forma financial
information is prepared for illustrative purposes only
and because of its nature may not give a true picture of
Adcock`s financial position, changes in equity, results
of its operations or cash flows.
8.2.1. Abridged pro forma income statement for the 6
months ended 31 March 2008
R m Pro forma
Group
2008
TURNOVER 1 542.1
Operating income before 489.0
abnormal items
Abnormal items (53.9)
Operating income after 435.1
abnormal items
Interest paid (87.4)
Interest received 66.7
Dividend income 10.6
Profit before taxation 425.0
Taxation (126.1)
PROFIT FOR THE PERIOD 298.9
Attributable to equity holders 294.9
of the parent
Attributable to minorities 4.0
298.9
Number of shares to be issued 172.4
(m)
Earnings per share (in cents) 171.1
Headline earnings per share 173.4
(in cents)
8.2.2. Abridged pro forma balance sheet as at 31 March
2008
R m Pro forma
Group
2008
724.8
Non-current assets
Property, plant & equipment 328.9
Goodwill and other 225.6
intangibles
Investments 160.9
Deferred taxation 9.4
Current assets 1 633.2
Inventories 423.8
Trade and other receivables 706.3
Taxation receivable 23.1
Cash and cash equivalents 480.0
TOTAL ASSETS 2 358.0
EQUITY AND LIABILITIES
Capital and reserves 1 154.8
Ordinary share capital and 1 204.4
share premium
Non-distributable reserves 39.9
Accumulated deficit (123.5)
Share based payment reserve 34.0
21.9
Minority interest
TOTAL EQUITY 1 176.7
Non-current liabilities 439.8
Deferred taxation 24.3
Provision for post-retirement 13.3
medical aid
Long-term borrowings 402.2
Current liabilities 741.5
Trade and other payables 413.7
Short term borrowings 327.8
TOTAL EQUITY AND LIABILITIES 2 358.0
Net asset value per share (in 669.8
cents)
Tangible net asset value per 539.0
share (in cents)
9. DIRECTORS
The names, ages and business addresses of the directors
are set out below:
On the date of listing, the Adcock board will comprise:
Executive directors:
Dr. Jonathan James Louw (38) 1 New Road, Midrand, 1685
Chief Executive Officer
Andrew Gideon Hall (46) 1 New Road, Midrand, 1685
Chief Financial Officer
Non-executive directors:
Dr. Khotso David Kenneth 1 New Road, Midrand, 1685
Mokhele (52)
Chairman
Eric Kevin Diack (50) 1 New Road, Midrand, 1685
Dr. Tlalane Lesoli (57) 1 New Road, Midrand, 1685
Dr. Gopalan Neethianandan 1 New Road, Midrand, 1685
Padayachee (54)
Clifford David Raphiri (44) 1 New Road, Midrand, 1685
Leon Edward Schonknecht (54) 1 New Road, Midrand, 1685
Roger Ian Stewart (56) 1 New Road, Midrand, 1685
Andrew Murray Thompson (51) 1 New Road, Midrand, 1685
10. THE FULL PRE-LISTING STATEMENT
A Tiger Brands circular, including the notice convening
the general meeting, together with the Adcock pre-listing
statement, which documents contain full details of the
unbundling, are being posted to Tiger Brands shareholders
on Tuesday, 29 July 2008. Copies of these documents may
be obtained during normal business hours from Tuesday, 29
July 2008 until Friday, 29 August 2008 (both days
inclusive), at the following addresses:
Adcock: 1 New Road, Midrand, 1685;
Tiger Brands: 3010 William Nicol Drive, Bryanston, 2021;
Deutsche Securities (SA) (Proprietary) Limited: 3
Exchange Square, 87 Maude Street, Sandton, 2196;
UBS South Africa (Proprietary) Limited: 64 Wierda Road
East, Wierda Valley, Sandton, 2196; and
Computershare Investor Services (Proprietary) Limited: 70
Marshall Street, Johannesburg, 2001.
Sandton
21 July 2008
Financial Adviser and Sponsor to Adcock
Deutsche Securities
Financial Adviser to Tiger Brands
UBS South Africa (Pty) Ltd
Attorneys to Adcock
Read Hope Phillips
Attorneys to Tiger Brands
Edward Nathan Sonnenbergs
Transfer Secretaries to Adcock
Computershare
Reporting Accountants and Auditors to Adcock
Ernst & Young
Date: 21/07/2008 08:02:01 Produced by the JSE SENS Department.
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