| Thu 8 Dec 2011, 8:59 | | TAS - Taste Holdings Limited - Voluntary announcement regarding the potential |
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TAS
TAS
TAS - Taste Holdings Limited - Voluntary announcement regarding the potential
investment by Brimstone Investment Corporation Limited in Taste
TASTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/002239/06)
JSE code: TAS ISIN: ZAE000081162
("Taste" or "the company")
VOLUNTARY ANNOUNCEMENT REGARDING THE POTENTIAL INVESTMENT BY BRIMSTONE
INVESTMENT CORPORATION LIMITED ("BRIMSTONE") IN TASTE
Taste is pleased to announce that Brimstone has agreed to subscribe for 24
million ordinary shares in the authorised share capital of Taste at an issue
price of R1.54 per share, resulting in an aggregate subscription price of R36.96
million ("the vendor consideration placing"). The vendor consideration placing
price equates to a 7.6% discount to the 30 business day weighted average traded
price prior to the date on which the placing was authorised by the board of
Taste. Pursuant to the vendor consideration placing, Brimstone will hold 12.4%
of the Taste ordinary shares in issue. The vendor consideration placing will be
used by Taste to partially fund the acquisition by its wholly owned subsidiary,
Buon Gusto Cuisine (Pty) Limited, of the business operated under the name The
Fish & Chip Co. from The Traditional Fish & Chips (Pty) Limited ("the
acquisition"), as announced on 8 November 2011. The vendor consideration
placing is conditional upon the acquisition becoming unconditional.
As Brimstone is a black controlled and managed investment company incorporated
and domiciled in South Africa, this investment will increase Taste`s level of
black ownership significantly. Brimstone seeks to achieve above average returns
for its shareholders by investing in wealth creating businesses, predominantly
in defensive clusters including food, healthcare and financial services. It
enters into long-term strategic alliances to which it contributes capital,
innovative ideas, management expertise, impeccable empowerment credentials and a
values driven corporate identity. These business objectives and values,
combined with Brimstone`s desire to have a positive social impact, are closely
aligned with the values and objectives of Taste, particularly the impact of
franchising on job creation and skills transfer. Consequently, the board of
Taste has invited Brimstone to nominate a board member once the acquisition has
become effective.
Johannesburg
8 December 2011
Sponsor
Vunani Corporate Finance
Date: 08/12/2011 08:59:01 Produced by the JSE SENS Department.
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