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AME
AME
AME - African Media Entertainment Limited - Announcement to shareholders
regarding the acquisition of a 100% economic interest in a company that holds a
5% shareholding in Kaya FM (Proprietary) Limited
African Media Entertainment Limited
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
Share code: AME ISIN: ZAE000055802
("AME" or "the company")
Announcement to shareholders regarding the acquisition of a 100% economic
interest in a company that holds a 5% shareholding in Kaya FM (Proprietary)
Limited ("Kaya FM" and "the Kaya interest")
1. Introduction
The board of directors of AME wishes to advise shareholders that the company
has reached agreement in terms of which it will acquire the Kaya interest from
The Moolman & Coburn Partnership ("the seller" and "the acquisition"), full
details of which are contained in this announcement.
2. Rationale for the acquisition
During December 2009 the seller acquired the Kaya interest, via the acquisition
of a 100% economic interest in an intermediate holding company, as it was aware
of the continued interest of the company in Kaya FM. AME has offered to acquire
the Kaya interest and the seller has accepted such offer.
3. Details of the acquisition
AME will acquire the Kaya interest with effect from 1 July 2010 for an amount
of R6,0 million, payable in cash against delivery of the relevant documents of
title to the company.
4. Related party transaction
As the seller is a material shareholder in the company, the acquisition is
classified as a small related party transaction in terms of the Listings
Requirements of the Johannesburg Stock Exchange ("the JSE") and accordingly
requires confirmation from an independent professional expert ("the IPE") that
the terms of the acquisition are fair as far as the shareholders of the company
are concerned. PKF Corporate Finance (Proprietary) Limited has been appointed
as the IPE and has provided the JSE with written confirmation to the above
effect. Its report will lie for inspection at the registered office of AME for
a period of 28 days from the date of this announcement.
5. Condition precedent
The acquisition is subject only to delivery of the relevant documents of title
in respect of the Kaya interest to the company.
6. Financial effects of the acquisition
The financial effects of the acquisition are not significant.
By order of the board
Johannesburg
30 July 2010
Sponsor
ARCAY MOELA SPONSORS
Independent Professional Expert
PKF
Corporate Finance
Date: 30/07/2010 11:24:01 Produced by the JSE SENS Department.
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