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ESR
ESR
ESR - Esorfranki Limited - Final Payment In Respect Of the Acquisition of Patula
Construction (Pty) Limited ("Patula") and Change To Directors` Shareholdings
ESORFRANKI LIMITED
(formerly Esor Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000133369
("Esorfranki" or "the company")
FINAL PAYMENT IN RESPECT OF THE ACQUISITION OF PATULA CONSTRUCTION (PTY) LIMITED
("PATULA") AND CHANGE TO DIRECTORS` SHAREHOLDINGS
In terms of the Patula acquisition announcement, dated 22 September 2008, a
final maximum payment ("final payment") of R190 million would be payable to the
Patula vendors in the event that the Patula Group achieved its February 2009
profit warranty. In terms of the agreement, 60% of the final payment is to be
discharged in cash and the balance settled through the issue of 12 666 667
Esorfranki shares at an issue price at the greater of R6.00 per share and the 30
days VWAP at which the Esorfranki shares traded preceding the date upon which
the February 2009 profit warranty was finally agreed.
The Patula Group reached its 2009 profit warranty and accordingly in terms of
the final payment, the following Esorfranki shares have been issued to the
Patula vendors, who are either directors of the company or of Patula:
Name of director: AC Brookstein
Company: Patula
Number of shares: 4 940 000
Price per share: R6.00
Total value: R29 640 000
Interest: Direct beneficial
Name of director: M Mathabathe
Company: Esorfranki
Number of shares: 3 800 000
Price per share: R6.00
Total value: R22 800 000
Interest: Direct beneficial
Name of director: R Maynard
Company: Patula
Number of shares: 3 040 000
Price per share: R6.00
Total value: R18 240 000
Interest: Direct beneficial
Name of director: MG Rippon
Company: Patula
Number of shares: 886 667
Price per share: R6.00
Total value: R5 320 002
Interest: Direct beneficial
Sandton
17 September 2009
Sponsor
Vunani Corporate Finance
Date: 17/09/2009 10:59:01 Produced by the JSE SENS Department.
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