APK - Astrapak Limited - Fulfilment of conditions precedent
APK
APK
APK - Astrapak Limited - Fulfilment of conditions precedent
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1995/009169/06)
ISIN: ZAE000096962
Share Code: APK
("Astrapak" or "the Group")
FULFILMENT OF CONDITIONS PRECEDENT
The Board of Astrapak ("the Board") hereby wishes to inform shareholders that
all of the conditions precedent to the transactions referred to in the SENS
announcement dated 31 March 2009 ("the SENS announcement") have now been
fulfilled and both transactions are therefore unconditional. Delivery of the
relevant assets, the assumption of liabilities and the settlement of the
relevant purchase considerations have also been effected in respect of both the
transactions.
In terms of the SENS announcement Astrapak advised that, as the first step in
the implementation of its new strategy to focus on its Films and Rigids
divisions, it was to dispose of certain of its flexible operations to Afripack
Consumer Flexibles (Pty) Limited ("the disposal transaction") for a
consideration of R153.65m (one hundred and fifty three million six hundred and
fifty thousand rand) and acquire certain assets from Nampak Flexpak.
In addition to the disposal transaction Astrapak also entered into separate sale
agreements in terms of which Afripack Consumer Flexibles (Pty) Limited would
acquire the two properties occupied by Cape Wrappers (Pty) Ltd ("the
Properties") and the Group`s equity interest in its Mauritian Joint Venture for
a combined purchase consideration of R 30.0m (thirty million rand). All
conditions precedent to the sale of the Properties has been fulfilled and the
purchase consideration will be settled upon the transfer of the Properties. The
disposal of the Group`s equity interest in the Mauritian Joint Venture is still
subject to the fulfilment of certain conditions precedent and the Board
anticipates that these conditions will be fulfilled in the near future.
The Board would like to thank all of the employees of the various flexible
companies being disposed off for their contributions during their time with
Astrapak and wishes them and their new owners all the best for the future.
Sandton
12 August 2009
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 12/08/2009 08:00:01 Produced by the JSE SENS Department.
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