| Thu 29 Jul 2010, 10:09 | | UNI - Universal Industries Corporation Limited - Update on BCE acquisition |
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UNI
UNI
UNI - Universal Industries Corporation Limited - Update on BCE acquisition,
proposed amendments to the existing share option scheme, proposed adoption of
new assisted share purchase scheme and notice of general meeting
UNIVERSAL INDUSTRIES CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/004343/06)
JSE code: UNI: ISIN: ZAE000110664
("Universal")
UPDATE ON BCE ACQUISITION, PROPOSED AMENDMENTS TO THE EXISTING SHARE OPTION
SCHEME, PROPOSED ADOPTION OF NEW ASSISTED SHARE PURCHASE SCHEME AND NOTICE OF
GENERAL MEETING
BCE TRANSACTION UPDATE
Shareholders are referred to the announcement released on SENS on 9 June 2010
advising that Universal had concluded an agreement with Investec Bank Limited,
Cida BCE Investments (Proprietary) Limited, the Boner Family Trust and the L M
Nestadt Trust (collectively, the "sellers") to acquire all of the shares and
claims on loan account against BCE Foodservice Equipment (Proprietary) Limited
(the "BCE transaction").
Pursuant to an adjustment mechanism provided for in the BCE acquisition
agreement, the purchase price payable in terms of the BCE transaction has been
reduced from R224 550 000 by an amount of R312 797 to R224 237 205.
PROPOSED AMENDMENTS TO THE EXISTING SHARE OPTION SCHEME AND ADOPTION OF A NEW
ASSISTED SHARE PURCHASE SCHEME
The Universal board proposes:
- the amendment of the Universal Industries Group Executive Incentive Scheme,
adopted by Universal on 7 November 2007, in order to comply with the
revised Listings Requirements of the JSE Limited; and
- the adoption of a new executive assisted share purchase incentive scheme
(The Universal Assisted Share Purchase Scheme) to operate for the benefit
of the executives (including executive directors) of Universal and its
subsidiaries.
NOTICE OF GENERAL MEETING
Shareholders are advised that a circular to Universal shareholders in respect of
the BCE acquisition, the proposed amendments to the existing share option scheme
and the proposed adoption of the new assisted share purchase scheme, containing
a notice of general meeting (to be held at 12h00 on Friday, 20 August 2010 at
the offices of PKF (Jhb) Inc. 42 Wierda Road West, Wierda Valley, Sandton) was
dispatched today.
29 July 2010
Corporate advisor, legal advisor and sponsor
Java Capital
Date: 29/07/2010 10:09:15 Produced by the JSE SENS Department.
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