PWK/PIK - Pick n Pay Holdings Limited/Pick n Pay Stores Limited - Update on Pick
PWK PIK
PWK PIK
PWK/PIK - Pick n Pay Holdings Limited/Pick n Pay Stores Limited - Update on Pick
N Pay sale of Franklins to Metcash
Pick n Pay Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009610/06)
Share code: PWK ISIN code: ZAE000005724
Pick n Pay Stores Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/008034/06)
Share Code: PIK ISIN code: ZAE000005443
UPDATE ON PICK N PAY SALE OF FRANKLINS TO METCASH
Pick n Pay Stores Limited ("Pick n Pay") today welcomed the decision by the
Australian Competition regulator, the Australian Competition and Consumer
Commission (ACCC), to agree to an expedited hearing of the proposed sale of
Franklins to Metcash.
The ACCC has agreed to lodge its case with the Federal Court by 8 December 2010
and to seek an expedited hearing of the case early next year. This has been
confirmed in public statements by ACCC Chairman Graeme Samuel.
Pick n Pay welcomes the decision to seek an expedited hearing and is confident
in the merits of its legal arguments. Pick n Pay believes the court is the best
forum for these arguments to be duly considered.
The Chairman of Pick n Pay, Mr Gareth Ackerman, commented:
"The decision by the ACCC gives us certainty that the matter is moving to
litigation in the Australian Federal Court and that there will be an expedited
timetable".
"We believe the Federal Court is the appropriate forum to hear this matter and
we are confident in our arguments," he said.
For more information please contact:
Gareth Ackerman on 021 658 1000; or
Tamra Veley on 083 251 3658
By order of the board
Cape Town
29 November 2010
Sponsor:
Investec Bank Limited
Date: 29/11/2010 11:10:29 Produced by the JSE SENS Department.
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