KDV - KayDav - Termination Of Transaction And Withdrawal Of Cautionary
KDV
KDV
KDV - KayDav - Termination Of Transaction And Withdrawal Of Cautionary
Announcement
KAYDAV GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2006/038698/06)
JSE code: KDV ISIN: ZAE000108940
("KayDav" or "the company")
TERMINATION OF TRANSACTION AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to -
- the announcement released by the company on 28 May 2009 advising
shareholders that the company had concluded an agreement (the "sale
agreement") to dispose of its existing operations to a management-led
consortium (the "consortium")and a co-terminus offer was to be made by
KayDav to KayDav shareholders to repurchase KayDav shares for a buyback
consideration of 38 cents per share (the "transaction");and
- the cautionary announcement released on 7 August 2009 advising shareholders
that the terms of the transaction were under discussion as between the
consortium and the company.
Shareholders are advised that as required by the JSE Listings Requirements, the
board of directors of the company appointed PSG Capital (Pty) Ltd ("PSG
Capital") as independent expert to provide an opinion on the fairness of the
transaction.
PSG Capital has opined that in its view the terms of the transaction are neither
fair nor reasonable.
The consortium has declined to increase the purchase price offered for KayDav`s
existing operations and the board, in the light of PSG Capital`s opinion, has
decided not to recommend the transaction to shareholders.
Accordingly, the company and the consortium have consensually agreed to cancel
the sale agreement and terminate the transaction.
Shareholders are no longer required to exercise caution in dealing with their
KayDav shares.
19 August 2009
Sponsor, Corporate Advisor and Legal Advisor
Java Capital (Proprietary) Limited
Independent Expert
PSG Capital (Proprietary) Limited
Date: 19/08/2009 12:46:01 Produced by the JSE SENS Department.
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