PWK/PIK - Pick n Pay Holdings Limited - Update on proposed sale of Franklins to
PWK PIK
PWK PIK
PWK/PIK - Pick n Pay Holdings Limited - Update on proposed 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 PROPOSED SALE OF FRANKLINS TO METCASH
Pick n Pay today welcomed the Federal Court of Australia`s decision to dismiss
the Australian Competition and Consumer Commission`s (ACCC) application for a
temporary injunction to prevent Metcash from completing its acquisition of
Franklins, pending the outcome of the ACCC`s appeal.
The Court also granted an expedited timetable for the appeal hearing with a
three day hearing scheduled to commence on 24 October 2011.
As a result, Pick n Pay and Metcash are free to agree to waive the condition
requiring ACCC approval and complete the sale of Franklins to Metcash. To this
end, Pick n Pay and Metcash will now consider whether to complete the sale prior
to the outcome of the appeal.
The Chairman of Pick n Pay, Gareth Ackerman, said: "We have consistently
maintained that the sale of Franklins to Metcash would deliver the best outcome
for Pick n Pay and its shareholders, Franklins` employees and Australian
consumers generally.
"From the outset we have been confident in the merits of our legal arguments and
our position was vindicated by the comprehensive judgment in our favour in the
Federal Court late last month. We are optimistic the appeal court will reach a
similar conclusion.
"The successful exit of our Australian investment stands to realise significant
capital which Pick n Pay can then redeploy to other parts of the business."
For more information please contact:
Tamra Veley on +27 83 251 3658
By order of the board
Cape Town
20 September 2011
Sponsor:
Investec Bank Limited
Date: 20/09/2011 11:05:02 Produced by the JSE SENS Department.
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