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SPG
SPG
SPG - Super Group Limited - Update On Super Group`s Disposals, Withdrawal Of
Cautionary Announcements And Renewal Of Cautionary Announcement
SUPER GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1943/016107/06
Share code: SPG
ISIN: ZAE000011334
("Super Group")
UPDATE ON SUPER GROUP`S DISPOSALS, WITHDRAWAL OF CAUTIONARY ANNOUNCEMENTS AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
1. UPDATE ON SUPER GROUP`S DISPOSALS
1.1 HERMANS
Shareholders were advised on 31 July 2009 that agreement had been reached
in terms of which Super Group Trading (Pty) Limited ("SGT"), the Super
Group subsidiary which held an effective 75.01% interest in a company known
as Africa Truck Accident Repairs (Proprietary) Limited trading as "Hermans"
("ATAR"), would acquire the outstanding 24.99% effective interest and
claims in ATAR from Andre and Steven Herman for a nominal cash payment.
Simultaneously, the assets and liabilities of ATAR were sold to Andre and
Steven Herman for R50 million ("the Hermans Transaction"). The financial
effects of the Hermans Transaction are insignificant and will be disclosed
in the Partcorp Holdings Limited ("AutoZone") circular in due course. All
the conditions precedent have been fulfilled.
1.2 MICA BRAND
Shareholders were advised on 3 November 2009 that Super Group had signed an
agreement with Burgundy Rose Trading 64 Limited, a Mica-led consortium to
dispose of the Mica franchise business (conducted as a going concern by
Power Plus Performance, a wholly owned subsidiary of Super Group ("Mica
Brand Transaction"). The financial effects of the Mica Brand Transaction
are insignificant and will be disclosed in the AutoZone circular in due
course. All the conditions precedent have been fulfilled.
1.3 EMERALD AND AUTOZONE
Shareholders are advised that negotiations are still in progress relating
to the proposed disposal of 100% of Super Group`s interest in Emerald
Insurance Company Limited to Santam Limited and the acquisition of the
entire issued share capital of Partcorp Holdings Limited ("AutoZone"), a
95% held subsidiary of Super Group to a consortium of investors led by RMB
Corvest.
Further developments will be communicated to shareholders and shareholders
should therefore continue to exercise caution when dealing in Super Group
shares.
2. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENTS FOR HERMANS AND MICA BRAND
Shareholders are advised that they are no longer required to exercise
caution when dealing in Super Group shares in relation to the Hermans and
the Mica Brand Transactions.
9 February 2010
Sandton
Financial advisor and Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Corporate law advisors
Fluxmans Attorneys
Reporting accountants
KPMG
Date: 09/02/2010 17:04:30 Produced by the JSE SENS Department.
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