| Mon 21 May 2012, 17:48 | | AET - Alert Steel Holdings Limited - acquisition of the business of |
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AET
AET
AET - Alert Steel Holdings Limited - acquisition of the business of
Steelmecca (Pty) Limited
ALERT STEEL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/005144/06)
JSE code: AET
ISIN: ZAE000092847
("Alert")
ACQUISITION OF THE BUSINESS OF STEELMECCA (PTY) LIMITED
Alert is pleased to announce that Alert Steel Proprietary Limited ("Alert
Steel"), a wholly-owned subsidiary of Alert, has reached an agreement with
Steelmecca (Proprietary) Limited ("Steelmecca"), a retailer of steel and
related products, on 11 May 2012, in terms of which Alert Steel will acquire
the business conducted by Steelmecca for cash amounting to R4,265,868.89,
which equates to the total net asset value of the business of Steelmecca,
with effect from 1 May 2012 ("the Acquisition").
The rationale of the Acquisition for Alert is that it allows Alert to expand
its footprint in the North West Province.
The Acquisition is not categorized in terms of the JSE Listing Requirements.
Steelmecca is a related party to Alert as it is 100% owned by a major
shareholder of Alert, being Capital Africa Steel Proprietary Limited ("CAS").
The only outstanding suspensive condition to the Acquisition is the approval
of the Acquisition by CAS, as the sole shareholder in Steelmecca.
The Acquisition`s pro forma financial effect on Alert`s net asset value per
share, tangible net asset value per share, earnings per share and headline
earnings per share is less than three percent.
21 May 2012
Designated Adviser
QuestCo (Pty) Limited
Legal Adviser
Prinsloo, Tindle & Andropoulos Inc.
Date: 21/05/2012 17:48:01 Produced by the JSE SENS Department.
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