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AND
AND
AND - Andulela Investment Holdings Limited - Update on the acquisition by
Andulela of Pro Roof Steel Merchants (Proprietary) Limited
ANDULELA INVESTMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
JSE code: AND
ISIN: ZAE000125894
("Andulela" or "the company")
UPDATE ON THE ACQUISITION BY ANDULELA OF PRO ROOF STEEL MERCHANTS (PROPRIETARY)
LIMITED ("Pro Roof Steel")
Shareholders are referred to the announcements dated 10 December 2010, 6 April
2011 and 30 May 2011 and are advised that the agreement referred to therein in
relation to the acquisition by Andulela of Pro Roof Steel ("the transaction")
was amended to reflect a change to the dates in certain of the suspensive
conditions, as is referred to below, to 31 December 2011.
"SUSPENSIVE CONDITIONS
* 31 December 2011, Pro Roof Steel concludes a restructuring of the funding
facilities with Investec Bank Limited on terms and conditions acceptable to
Andulela, and such funding agreement becomes unconditional as to its
terms;"
* 31 December 2011, Pro Roof Steel and/or the subsidiary companies complete
and/or implement their restructure such that:
* all operating assets and businesses (including without limitation
ownership of the steel business operations previously conducted by Pro
Roof Steel Merchants (VRN) (Pty) Limited) has unconditionally been
transferred to Pro Reef Steel Merchants (VRG) (Pty) Limited and are in
fact held by the subsidiary companies; and
* the relevant agreements giving effect to the finance and/or security
aspects relating to the debts of Pro Roof Steel and/or its
subsidiaries are rendered unconditional on their terms, save for any
reference therein to the agreement giving effect to the transaction.
Johannesburg
29 July 2011
Corporate adviser and transaction sponsor
Vunani Corporate Finance
Sponsor
Investec Bank Limited
Attorneys
Glyn Marais Incorporated
Date: 29/07/2011 10:10:01 Produced by the JSE SENS Department.
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