PPE - Purple Capital - Disposal Of 20% shareholding in ACSIS Limited
PPE
PPE
PPE - Purple Capital - Disposal Of 20% shareholding in ACSIS Limited
Purple Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE & ISIN: ZAE000071411
("Purple Capital" or "the company")
DISPOSAL OF 20% SHAREHOLDING IN ACSIS LIMITED ("acsis")
1. Introduction
Purple Capital has agreed the principle terms to dispose of its 20% stake
in acsis to Old Mutual South Africa Limited for a cash consideration of R32
million, to be settled upon the fulfilment of all conditions precedent.
The effective date of the transaction is 1 April 2009.
2. Rationale for the transaction
acsis has built a successful track record and provided Purple Capital with
a consistent annual fair value profit and dividends since its acquisition.
The disposal of the acsis shareholding is in line with our current
imperative to eliminate debt and retain interests only in financial
services companies where we exercise a high level of shareholder control
and oversight and are able to access operational cash flows.
3. Conditions precedent
The transaction is subject to approval by the Competition Authorities, the
JSE Listings Requirements and such other regulatory approvals as may be
required, all of which are expected to be obtained by no later than 30 June
2009, being the final date for the conclusion of the transaction.
4. Financial effects
The transaction does not have a significant impact on the net asset value
per share, net tangible asset value per share, earnings per share and
headline earnings per share of Purple Capital.
Johannesburg
3 March 2009
Sponsor: KPMG Services (Pty) Ltd
Date: 03/03/2009 15:00:02 Produced by the JSE SENS Department.
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