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SSK
SSK
SSK - Stefanutti Stocks Holdings Limited - Update on the acquisition by
Stefanutti Stocks Holdings Limited of Cycad Pipelines (Proprietary) Limited
Stefanutti Stocks Holdings Limited
(Registration number 1996/003767/06)
Share code: SSK ISIN: ZAE000123766
("the Company")
UPDATE ON THE ACQUISITION BY STEFANUTTI STOCKS HOLDINGS LIMITED OF CYCAD
PIPELINES (PROPRIETARY) LIMITED ("CYCAD PIPELINES") ("THE TRANSACTION")
Shareholders are referred to the announcement, the Reviewed Condensed
Consolidated Interim Results for the six months ended 31 August 2011 and the
update regarding the Competition Tribunal`s approval being granted for the
Transaction published on SENS on 20 June 2011, 15 November 2011 and 15
December 2011 respectively, regarding its wholly owned subsidiary Stefanutti
Stocks Proprietary Limited ("Stefanutti Stocks"), having entered into an
agreement to acquire the entire issued share capital of Cycad Pipelines and
its related property holding companies.
Shareholders are advised that there has been a change to the terms of the
Transaction, which revised terms are set out below:
* Subsequent to the cancellation of a material contract of Cycad
Pipelines, it was agreed between Stefanutti Stocks and the Sellers that
the purchase consideration of the Transaction be reduced by R30 000 000
from R298 000 000 to R268 000 000;
* To the extent Cycad Pipeline`s profit after tax for the financial year
ending 28 February 2013 exceeds R50 000 000 ("the Excess"), the Excess
will become payable to the Sellers but limited to a maximum amount of
R30 000 000; and
* The implementation date of the Transaction is 1 March 2012.
The changes to the terms as noted above have no impact on the pro forma
financial effects of the Transaction. Save as disclosed above, there has been
no significant change affecting any matter contained in the earlier
announcements and no other significant new matters have arisen that would
have been required to be mentioned in the earlier announcements if they had
arisen at the time of the preparation of those announcements.
Shareholders are thus advised that all the conditions precedent to the
Transaction have now been fulfilled and the transaction is now unconditional.
Johannesburg
7 March 2012
Sponsor and Transaction Advisor: Bridge Capital Advisors (Pty) Limited
Attorneys to Stefanutti Stocks: Webber Wentzel
Date: 07/03/2012 08:30:06 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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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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