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BEG
BEG
BEG - Beige Holdings Limited - Variation of agreement in relation to the
acquisition of rap products international (PTY) LTD
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161 Share code: BEG
VARIATION OF AGREEMENT IN RELATION TO THE ACQUISITION OF RAP PRODUCTS
INTERNATIONAL (PTY) LTD ("RAP")
Shareholders are advised that Beige has entered into final settlement
agreements with two of the vendors of RAP, namely Messrs A Protti and B Frewen,
("the Vendors"), whereby one of the terms of the agreement as announced on SENS
on 27 May 2008 was that within 7 (seven) days of receiving payment in terms of
the Sale of Shares and Claims Agreement, the Vendors would subscribe for new
publicly listed shares of the Purchaser at the then ruling price thereof to the
order of 75% (seventy five percent) of the amount they each received in terms
of the Sale of Shares and Claims Agreement.
Due to the time delays of receiving Competition Commission approval and the
subsequent decline in share price during this time period, the subscription
price of 25 cents per share was disputed. Beige and the Vendors have
subsequently agreed that the subscription price be reduced to 14 cents per
Beige share, which 11 833 856 shares will be transferred to the Vendors from
the treasury shares held by Beige. The amount as determined by the agreement
has not been varied and the financial effects of the above variation are
immaterial.
The Vendors have remained as directors of RAP, which is now a wholly owned
subsidiary of Beige. However, the Vendors were not related parties at the
time of signing of the original RAP acquisition agreement. The variation of the
agreement does not require shareholder approval in terms of the JSE Listings
Requirements. In addition, a directors` dealings announcement is not required
due to RAP not being a major subsidiary of Beige as defined in the JSE Listings
Requirements.
Johannesburg
30 September 2011
Sponsors
Arcay Moela Sponsors
(Proprietary) Limited
(Registration number 2006/033725/07)
Date: 03/10/2011 07:16:01 Produced by the JSE SENS Department.
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