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SOV
SOV
SOV - Sovereign Food Investments Limited - Termination of the proposed reverse
listing of Afgri`s food division into Sovereign and further cautionary
announcement
SOVEREIGN FOOD INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1995/003990/06
JSE Code: SOV ISIN Number: ZAE000009221
("Sovereign" or "the Company")
TERMINATION OF THE PROPOSED REVERSE LISTING OF AFGRI`S FOOD DIVISION INTO
SOVEREIGN AND FURTHER CAUTIONARY ANNOUNCEMENT
1 Background
Shareholders of Sovereign are referred to the joint announcement by
Sovereign and AFGRI Limited ("AFGRI") on 15 May 2009 regarding the proposed
reverse listing of AFGRI`s Food Division into Sovereign ("the Proposed
AFGRI Transaction"), the Sovereign business update and further cautionary
announcement on 22 June 2009 ("the Business Update and Further Cautionary
Announcement") and AFGRI`s withdrawal of cautionary announcement on 22 July
2009.
Shareholders are advised that the heads of agreement entered into by
Sovereign and AFGRI in respect of the Proposed AFGRI Transaction ("the
Heads of Agreement") contained various conditions precedent, some of which
have not been fulfilled. It became clear to the parties that a number of
these conditions are unlikely to be fulfilled, as a consequence of which
AFGRI has notified the Company of its withdrawal from the Proposed AFGRI
Transaction.
As set out in the Business Update and Further Cautionary Announcement,
Sovereign has experienced favourable trading conditions during the second
half of the financial year ended 28 February 2009 and during the first
quarter of the current financial year.
Against these changed circumstances, the board of directors and management
of Sovereign will be exploring alternative strategic options which could be
favourable to Sovereign and its shareholders, which would include further
discussions with Country Bird Holdings Limited.
2 Further cautionary announcement
Shareholders are advised that the Company remains involved in discussions
which may have a material effect on its share price and accordingly,
shareholders should continue to exercise caution when dealing in the
Company`s shares until a further announcement is made.
Port Elizabeth
23 July 2009
Corporate Advisor and Sponsor
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 23/07/2009 09:02:01 Produced by the JSE SENS Department.
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