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AVI
AVI
AVI - AVI Limited - Disposal of the Real Juice Co. Holdings Proprietary Limited
("RJC") to Clover S.A. Proprietary Limited ("Clover")
AVI Limited
(Incorporated in South Africa)
(Registration number: 1944/017201/06)
ISIN Code: ZAE000049433
JSE Code: AVI
("AVI" or "the Group")
DISPOSAL OF THE REAL JUICE CO. HOLDINGS PROPRIETARY LIMITED ("RJC") TO CLOVER
S.A. PROPRIETARY LIMITED ("CLOVER")
Shareholders are advised that AVI has entered into an agreement in terms of
which Clover, a subsidiary of Clover Industries Limited, will acquire 100% of
the equity in and shareholders` loans against RJC for an enterprise
consideration of R60 million ("the Transaction").
The Transaction is not a categorised transaction in terms of the Listings
Requirements of the JSE Limited.
RJC is a leading producer of fresh fruit juices, nectars and concentrates sold
under the Quali and Real Juice brands predominantly in the Eastern, Western and
Northern Cape. Participation in the juice category is not strategically aligned
to AVI`s future growth ambitions.
The only condition precedent to which the Transaction is subject is the approval
of the South African Competition Authorities in terms of the Competition Act no.
89 of 1998, as amended. The Transaction will become effective on the last day of
the month following the receipt of such approval.
Further details relating to the Transaction will be communicated at the Group`s
year-end results presentation to be held during September 2012.
RJC will be disclosed as a discontinued operation in AVI`s results for the year
ended 30 June 2012 and comparatives for the year ended 30 June 2011 will be
restated accordingly.
RJC`s consolidated results for the twelve months ended 30 April 2012 were:
R`m
Revenue 150,8
Operating profit 5,8
Operating profit after taxation 4,2
of 28%
31 May 2012
Illovo, Johannesburg
Sponsor: The Standard Bank of South Africa Limited
Date: 31/05/2012 15:51:01 Produced by the JSE SENS Department.
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