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BRT BRN
BRT
BRT/BRN - Brimstone Investment Corporation Limited - Voluntary announcement
regarding Brimstone`s potential investment in Taste Holdings Limited
BRIMSTONE INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/010442/06)
Share Code: BRT
ISIN Number: ZAE000015277
Share Code: BRN
ISIN Number: ZAE000015285
("Brimstone")
VOLUNTARY ANNOUNCEMENT REGARDING BRIMSTONE`S POTENTIAL INVESTMENT IN TASTE
HOLDINGS LIMITED ("TASTE")
Holders of ordinary and "N" ordinary Brimstone shares are advised that Brimstone
has agreed to subscribe for 24 000 000 ordinary shares in the authorised share
capital of Taste ("Taste ordinary shares") for an aggregate subscription price
of R36 960 000 being an issue price of R1.54 per share ("Taste subscription").
Brimstone will hold 12.4% of the Taste ordinary shares in issue pursuant to the
Taste subscription.
The Taste subscription is conditional upon the sale of business agreement
between a wholly owned subsidiary of Taste and The Traditional Fish & Chips
(Proprietary) Limited ("the Seller") to acquire the business operated by the
Seller under the name The Fish & Chip Co ("the Acquisition"), becoming
unconditional. The Taste subscription proceeds will be used by Taste to
partially fund the Acquisition.
Taste is a South African based management group that is invested in a portfolio
of mostly franchised quick service restaurant and retail brands that currently
include Scooters Pizza, St Elmo`s, Maxi`s and NWJ.
Brimstone Chief Executive Mustaq Brey commented: "We are very excited about the
potential of this investment. There is good growth opportunity, especially on
the back of the acquisition of The Fish & Chip Co. We`ve been working on this
transaction for some time and made a good investment at good value." More
details on the Acquisition can be found in the SENS announcements made by Taste
on Tuesday, 8 November 2011 and Thursday, 8 December 2011.
It should be noted that the value of the transaction for Brimstone is less than
5% of Brimstone`s market capitalisation and accordingly this announcement is
made voluntarily.
Cape Town
8 December 2011
Investment Bank and Sponsor
Nedbank Capital
Date: 08/12/2011 09:00:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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