| Wed 3 Feb 2010, 17:09 | | IWE - Interwaste Holdings Limited - Disposal By Enviro-Fill (Proprietary) |
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IWE
IWE
IWE - Interwaste Holdings Limited - Disposal By Enviro-Fill (Proprietary)
Limited ("Enviro-Fill"), A Subsidiary Of Interwaste, Of Its Remaining 52%
Interest In Enviro-Fill Namibia (Proprietary) Limited ("Enviro-Fill
Namibia`)
INTERWASTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2006/037223/06)
JSE Code: IWE
ISIN: ZAE000097903
("Interwaste" or "the company")
DISPOSAL BY ENVIRO-FILL (PROPRIETARY) LIMITED ("ENVIRO-FILL"), A SUBSIDIARY OF
INTERWASTE, OF ITS REMAINING 52% INTEREST IN ENVIRO-FILL NAMIBIA (PROPRIETARY)
LIMITED ("ENVIRO-FILL NAMIBIA`)
1. INTRODUCTION
Shareholders are advised that an agreement has been entered into between Enviro-
Fill ("the seller") in terms of which Burlington Investments (Proprietary)
Limited, MT Hamutenya, SN Kaulinge and MT Gebhardt ("the purchasers") will
purchase the remaining 52% interest held by the seller in Enviro-Fill Namibia
for a total purchase consideration of R5 million ("the transaction").
2. BACKGROUND INFORMATION
Enviro-Fill Namibia carries on business in the fields of landfill management,
waste collection and waste disposal in Namibia.
3. RATIONALE FOR THE TRANSACTION AND APPLICATION OF THE PROCEEDS OF THE
TRANSACTION
The seller will utilise the funds generated from the transaction to fund further
expansion of the company`s landfill and waste collection business in South
Africa.
4. DISPOSAL CONSIDERATION
The disposal consideration of R5 million is payable in cash to Enviro-Fill.
5. EFFECTIVE DATE
The effective date of the transaction is 1 February 2010.
6. CONDITIONS PRECEDENT
The transaction is conditional upon:
the delivery of the relevant share certificates to the purchasers;
determination and agreement of the retained earnings in Enviro-Fill Namibia to
be distributed to Enviro-Fill, and distribution of such.
7. FINANCIAL EFFECTS
In terms of the JSE Listings Requirements, no financial effects are presented as
they are not significant, being below 3%.
8. CLASSIFICATION OF THE TRANSACTION
Certain of the purchasers, i.e. MT Hamutenya, SN Kaulinge and MT Gebhardt are
directors of Enviro-Fill Namibia, however, in terms of paragraph 21.11(a) of the
Listings Requirements of the JSE Limited, the transaction is not classified as a
"related party transaction".
Randburg
3 February 2010
Designated Adviser
Vunani Corporate Finance
Date: 03/02/2010 17:09:03 Produced by the JSE SENS Department.
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