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TBS
TIIH
TBS - Tiger Brands - Update on the proposed disposal by Tiger Brands
Tiger Brands Limited
(Incorporated in the Republic of South Africa)
Registration number 1944/017881/06
Share code: TBS
ISIN: ZAE000071080
("Tiger Brands")
UPDATE ON THE PROPOSED DISPOSAL OF 73.16% OF SEA HARVEST CORPORATION LIMITED
("SEA HARVEST") BY TIGER BRANDS TO A CONSORTIUM ("THE CONSORTIUM") LED BY
BRIMSTONE INVESTMENT CORPORATION LIMITED ("BRIMSTONE")
1. Introduction
Further to previous announcements relating to the proposed disposal of 73.16% of
Sea Harvest by Tiger Brands to the Consortium ("the Disposal"), the latest
announcement being 26 March 2009, Tiger Brands shareholders are referred to the
announcement released today by Brimstone.
2. Conditions precedent to the Disposal
The outstanding conditions precedent relating to the Disposal at the date of
this announcement, are as follows:
2.1 approval of the Disposal by the shareholders of
Brimstone in general meeting which is to be held on
Thursday, 28 May 2009;
2.2 written confirmation that sufficient funding is
available to pay the purchase consideration to
Tiger Brands; and
2.3 Tiger Brands and Sea Harvest concluding a
separation agreement which regulates, inter alia,
employee benefits and medical aid of employees of
Sea Harvest and the insurance arrangements
applicable to Sea Harvest following the
implementation of the Disposal.
Bryanston
13 May 2009
Financial adviser
Deutsche Securities (SA) (Proprietary) Limited
Legal advisers
Edward Nathan Sonnenbergs
Sponsor
JP Morgan Equities Limited
Date: 13/05/2009 17:30:01 Produced by the JSE SENS Department.
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