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TBS
TIIH
TBS - Tiger Brands - Announcement regarding the acquisition by a consortium led
by Brimstone Of 73.16% Of Sea Harvest Corporation Limited From Tiger Brands
Tiger Brands Limited
Incorporated in the Republic of South Africa
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
("Tiger Brands")
ANNOUNCEMENT REGARDING THE ACQUISITION BY A CONSORTIUM LED BY BRIMSTONE
INVESTMENT CORPORATION LIMITED ("BRIMSTONE") OF 73.16% OF SEA HARVEST
CORPORATION LIMITED ("SEA HARVEST") FROM TIGER BRANDS
1. Introduction
Tiger Brands shareholders are referred to the joint terms announcement released
by Tiger Brands and Brimstone on 31 October 2008 and a further announcement
released on 10 December 2008 regarding the acquisition by a consortium led by
Brimstone of 73.16% of Sea Harvest from Tiger Brands ("the proposed
transaction").
2. Fairness opinion
The board of directors of Tiger Brands appointed PricewaterhouseCoopers
Corporate Finance (Proprietary) Limited ("PwC") to act as the independent
professional expert to provide a fairness opinion as required in terms of
section 10.7(b) of the JSE Limited Listings Requirements. PwC has confirmed
that the terms and conditions in respect of the proposed transaction are fair as
far as the ordinary shareholders of Tiger Brands are concerned. The fairness
opinion provided by PwC will lie open for inspection at the registered offices
of Tiger Brands for a period of 28 days from the date of this announcement.
3. Update on the proposed transaction
Shareholders are advised that unconditional approval for the proposed
transaction was given by the Competition Tribunal on 25 March 2009.
A further announcement to update shareholders on the status of the proposed
transaction will be made in due course.
Bryanston
26 March 2009
Financial adviser to Tiger Brands
Deutsche Securities (SA) (Proprietary) Limited
Legal advisers to Tiger Brands
Edward Nathan Sonnenbergs
Independent professional expert to Tiger Brands
PwC
Sponsor to Tiger Brands
JP Morgan Equities Limited
Date: 26/03/2009 15:00:17 Produced by the JSE SENS Department.
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