| Mon 21 Nov 2011, 10:00 | | OCE - Oceana Group Limited - Announcement relating to an acquisition and |
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OCE
OCE
OCE - Oceana Group Limited - Announcement relating to an acquisition and
withdrawal of cautionary announcement
Oceana Group Limited
Incorporated in the Republic of South Africa
(Registration Number 1939/001730/06)
JSE Share Code: OCE
NSX Share Code: OCG
ISIN Number: ZAE000025284
("Oceana" or "the Group" or "the Company")
Announcement relating to an acquisition and withdrawal of cautionary
announcement
Shareholders are referred to the cautionary announcement dated Monday,
24 October 2011 and the further cautionary announcement dated Thursday,
10 November 2011.
Oceana is pleased to announce that it has, through various subsidiaries,
concluded agreements to purchase the hake, horse mackerel and south
coast lobster fishing rights and related assets of the Lusitania group
and associated companies as well as its cold storage business ("the
Transaction").
The Transaction is subject, inter alia, to the approval of the Minister
of Agriculture, Forestry and Fisheries as well as the Competition
Commission. Should the Transaction become unconditional, it is expected
to be effective in March 2012. As the Transaction value is less than 5%
of the Company`s market capitalisation, detailed information has not
been provided in terms of the Listings Requirements of the JSE Limited.
The Transaction would increase the Group`s interest in the hake industry
from 1.1% to 4.4%, in horse mackerel from 18.8% to 22.8%, in south coast
lobster from 3.1% to 25.7% and increase the commercial cold storage
capacity of the group by 4.1%.
Accordingly, following the release of the information as set out above,
shareholders no longer need to exercise caution when dealing in their
Oceana shares.
Cape Town
21 November 2011
JSE Sponsor
The Standard Bank of South Africa Limited
NSE Sponsor
Namibia Old Mutual Investment Services (Namibia) Proprietary Limited
Date: 21/11/2011 10:00:46 Produced by the JSE SENS Department.
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