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ITE
ITE
ITE - Italtile Limited - Cautionary announcement relating to a conditional
offer to acquire a strategic stake in Ceramic Industries Limited
Italtile Limited
Share code: ITE ISIN: ZAE000099123
Reg. no.: 1955/000558/06
Incorporated in the Republic of South Africa
("Italtile" or "the Company")
Cautionary announcement relating to a conditional offer to acquire a
strategic stake in Ceramic Industries Limited
1. Introduction
Italtile shareholders ("Shareholders") are advised that the board of
directors of Italtile ("the Board") has submitted a conditional offer to the
board of Ceramic Industries Limited ("CIL") in terms of which the Company
proposes to make an offer to acquire between 15% and 20% ("the Proposal") of
the issued share capital of CIL from CIL shareholders.
2. Rationale for the Proposal
Italtile values its sound relationship with CIL and has a long history of
purchasing tiles, sanitaryware and baths from CIL. In order to support
Italtile`s growth objectives, the Board would like to strengthen its
relationship with CIL, as a key supplier to the Company, through the
acquisition by Italtile of a strategic shareholding in CIL.
3. Proposed consideration
The proposed consideration is R130 per CIL share, in cash.
4. Conditions precedent to the Proposal
The Proposal is subject to the following conditions precedent:
* the successful outcome of a due diligence exercise;
* the support of the CIL board to a transaction of this nature and to
Italtile receiving some formal assurances that CIL will be in a
position to support the growth strategies of Italtile, which includes
receiving assurance of the continued involvement of the current
management of CIL in that business; and
* to receiving the necessary regulatory and legislative approvals.
5. Cautionary announcement
Shareholders are advised to exercise caution when dealing in the Company`s
securities until a further announcement in this regard is published.
Bryanston
28 May 2012
Sponsor:
KPMG Services Proprietary Limited
Date: 28/05/2012 08:20:00 Produced by the JSE SENS Department.
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