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AVI
AVI
AVI - Avi Limited - Disposal of Denny Mushrooms (Proprietary) Limited
("DENNY") by AVI
AVI Limited
(Incorporated in South Africa)
(Registration number: 1944/017201/06)
ISIN Code: ZAE000049433
JSE Code: AVI
("AVI" or "the Company
VOLUNTARY ANNOUNCEMENT
DISPOSAL OF DENNY MUSHROOMS (PROPRIETARY) LIMITED ("DENNY") BY AVI
Shareholders are advised that AVI has entered into an agreement in terms of
which it will sell 100% of the issued share capital of and AVI`s shareholder
claims against Denny to Blue Falcon 134 Trading (Proprietary) Limited ("Blue
Falcon") ("the transaction"). Blue Falcon`s shareholders include RMB Ventures
Six (Proprietary) Limited, an indirect subsidiary of FirstRand Limited, which
holds a 49.9% interest therein, and Denny`s executive management team.
Denny is the leading producer of fresh, canned and value added mushroom
products in South Africa, with a market share exceeding 50%. While Denny is a
sound business with the leading national brand in the fresh and canned
mushroom categories, the importance of branding in the "fresh to market"
produce segment in general and in the fresh mushroom segment in particular has
declined over the past several years and this category is no longer
strategically aligned to AVI`s growth ambitions.
The effective date of the transaction is 1st July 2011. The transaction is
subject to the fulfilment of certain conditions precedent including the
unconditional approval of the South African Competition Authorities in terms
of the Competition Act no. 89 of 1998, as amended.
Transaction details will be communicated at the group`s year-end presentation
to be held on the 5th September 2011.
Denny will be disclosed as a discontinued operation in AVI`s results for the
year ended 30 June 2011 and comparatives for the year ended 30 June 2010 will
be restated accordingly. This will impact the previously disclosed earnings
per share from continuing operations as follows:
Year ended 30 June 2010
Previously Revised
disclosed
Headline earnings per 198.7 189.4
ordinary share
Earnings per ordinary share 197.0 187.5
The expected percentage increases in earnings per share from continuing
operations for the year ended 30 June 2011 remain the same as communicated in
AVI`s trading update on 22 June 2011.
13 July 2011
Illovo
Johannesburg
Sponsor
Standard Bank
Date: 13/07/2011 09:04:00 Produced by the JSE SENS Department.
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