| Fri 11 Feb 2011, 13:03 | | BIK - Brikor Limited - Proposed sales of assets and further cautionary |
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BIK
BIK
BIK - Brikor Limited - Proposed sales of assets and further cautionary
announcement
Brikor Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
(JSE code: BIK ISIN: ZAE000101945)
("Brikor" or "the company")
PROPOSED SALES OF ASSETS AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are advised that Brikor has entered into the following heads of
agreement:
1 with The Corne Kruger Family Trust, for the sale of the operations in
Donkerhoek together with the immovable property as a going concern for an
amount of R40,6 million;
2 with the shareholders, B S Nqubane, S T Nqubane, B C Nzuza and S C Nzuza,
of a new company to be registered for the sale of the operations of Stanger
Brick and Tile (incorporating Zululand Quarries, Tugela and Ballito Ready
Mix Operations, Natal Sands Supplies, Stanbrik Roof Tiles Operations and
Stanger Brick and Tile) as a going concern for an amount of R50 million.
The above sales of assets are in line with Brikor`s strategy to strengthen the
group`s cash resources as well as improving its current debt burden.
The proposals are subject to various conditions precedent which are customary in
transactions of this nature, inter alia shareholders` and other regulatory
approvals. Once the parties have entered into the final agreements, a detailed
announcement will be made containing the full financial effects.
Shareholders are advised to exercise caution in dealing with their Brikor shares
until such further announcement is made.
11 February 2011
Nigel
Designated Adviser
Exchange Sponsors
Date: 11/02/2011 13:03:01 Produced by the JSE SENS Department.
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