CAE - CET - Intention to dispose of certain interests in Grand Parade
CAE
CAE
CAE - CET - Intention to dispose of certain interests in Grand Parade
Investments Limited ("GPI") and cautionary announcement
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
Share code: CAE
ISIN: ZAE000016952
("CET" or "the company")
INTENTION TO DISPOSE OF CERTAIN INTERESTS IN GRAND PARADE INVESTMENTS LIMITED
("GPI") AND CAUTIONARY ANNOUNCEMENT
Rationale
The board of directors of CET ("the board") has resolved to commence a process
intended to result in a disposal of all or part of its interests in GPI, by way
of a competitive disposal process.
CET`s investment approach is to acquire and hold investments in businesses where
it can control or have significant influence over such businesses.
While CET remains of the opinion that GPI remains a very attractive company in
which to invest, CET`s investment criteria referred to above are unlikely to be
fulfilled in relation to CET`s investment in GPI. In addition, CET is
continuously presented with other attractive investment opportunities which meet
CET`s investment criteria.
CET will utilise the proceeds of the intended disposal to reduce debt, to pursue
other attractive new opportunities and to make further investments in certain of
its existing investments, with particular focus on its property and services
businesses. Consideration is also being given to possible share repurchases by
CET.
Cautionary announcement
The intended disposal may have a material effect on the price at which CET
shares trade and accordingly shareholders are advised to exercise caution when
dealing in their CET shares until a further announcement is made.
Cape Town
28 August 2008
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Date: 29/08/2008 07:05:01 Produced by the JSE SENS Department.
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