AFR - AFGRI Limited - Cautionary announcement relating to the disposal of
AFR
AFR
AFR - AFGRI Limited - Cautionary announcement relating to the disposal of
business and assets of Tsunami Plant Protection (Pty) Ltd ("Tsunami Plant") &
Tsunami Crop Care (Pty) Ltd ("Tsunami Crop") to Arysta Newco (Pty) Ltd
("Arysta")
AFGRI Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1995/004030/06
ISIN: ZAE000040549
JSE share code: AFR
("AFGRI" or "The Company")
CAUTIONARY ANNOUNCEMENT RELATING TO THE DISPOSAL OF BUSINESS AND ASSETS OF
TSUNAMI PLANT PROTECTION (PTY) LTD ("Tsunami Plant") & TSUNAMI CROP CARE (PTY)
LTD ("Tsunami Crop") TO ARYSTA NEWCO (PTY) LTD ("Arysta ")
Shareholders are advised that Tsunami Plant and Tsunami Crop (collectively "the
Tsunami Companies"), both major subsidiaries of AFGRI Operations Limited, a
wholly owned subsidiary of AFGRI, are in the process of negotiating definitive
agreements with Arysta, an indirect subsidiary of Arysta Lifescience
Corporation, which agreements if they become unconditional according to their
terms, will see the disposal of the business and certain assets of the Tsunami
Companies to Arysta ("the Proposed Transaction").
RATIONALE OF THE PROPOSED TRANSACTION
In re-aligning the AFGRI business to the grain value chain, AFGRI have embarked
on a process of exiting non-core businesses. The business of the Tsunami
companies is not part of AFGRI`s core business.
AFGRI is assured that the management philosophy adopted by Arysta will be in the
best interest of the customers of the Tsunami Companies.
As the proposed transaction may have a material effect on the price of AFGRI`s
shares, AFGRI shareholders are advised to exercise caution when dealing in
AFGRI`s shares until a further announcement is made.
Centurion
19 January 2010
Sponsor
Investec Bank Limited
Transactional Attorneys
Webber Wentzel
Date: 19/01/2010 16:45:01 Produced by the JSE SENS Department.
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