| Wed 4 Jul 2012, 17:30 | | FURTHER UPDATE ANNOUNCEMENT REGARDING DISCUSSIONS BETWEEN TIGER BRANDS AND DANGOTE INDUSTRIES LIMITED |
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FURTHER UPDATE ANNOUNCEMENT REGARDING DISCUSSIONS BETWEEN TIGER BRANDS
AND DANGOTE INDUSTRIES LIMITED
Tiger Brands Limited
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS ISIN: ZAE000071080
("Tiger Brands" or the Company)
FURTHER UPDATE ANNOUNCEMENT REGARDING DISCUSSIONS BETWEEN TIGER BRANDS
AND DANGOTE INDUSTRIES LIMITED (DANGOTE) IN RESPECT OF DANGOTES SHAREHOLDING
IN DANGOTE FLOUR MILLS PLC (DFM) AND FURTHER CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Shareholders are referred to the announcements dated 7 May 2012 and 18 June 2012
regarding discussions between Tiger Brands and Dangote (collectively, the Parties)
in respect of Dangotes shareholding in DFM, a market leader in the Nigerian flour
and pasta markets.
Shareholders are advised that the Parties have reached an in principle agreement
regarding the terms of a potential transaction that would, if implemented, result
in Tiger Brands acquiring 63.35% of the total ordinary issued share capital of DFM
(the DFM Shares) from Dangote (the Potential Transaction). DFM is a public company,
listed on the Nigerian Stock Exchange.
2. PRE-APPROVAL BY THE SECURITIES AND EXCHANGE COMMISSION OF NIGERIA (SEC)
The proposed terms of the Potential Transaction are encapsulated in a share sale and
purchase agreement (SSPA). Before the Parties are able to sign the SSPA, the Potential
Transaction and its terms have to be considered and approved by the SEC, in accordance
with the regulatory requirements in Nigeria. Shareholders are hereby advised that the
Parties have submitted the Potential Transaction and its terms to the SEC for approval.
Should the SEC approve the Proposed Transaction and its terms, the Parties intend to
sign the SSPA. Upon signature by the parties of the SSPA, Tiger Brands will release a
full announcement regarding the terms of the Potential Transaction. Implementation of
the Potential Transaction will be subject to the fulfilment of certain conditions precedent,
including approval of the Exchange Control Division of the South African Reserve Bank.
3. FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution when dealing in the Companys
securities until a further, more detailed announcement is made.
Bryanston
4 July 2012
Sponsor
J.P. Morgan Equities Limited
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