BSI Steel Limited - VOLUNTARY UPDATE ON ACQUISITION OF RETAIL BRANCH OF ALERT
BSS
VOLUNTARY UPDATE ON ACQUISITION OF RETAIL BRANCH OF ALERT
BSI STEEL Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
JSE code: BSS
ISIN: ZAE000125134
(BSI or "the company")
ACQUISITION BY BSI OF THE RETAIL BRANCH OF ALERT STEEL
(PROPRIETARY) LIMITED (ALERT) LOCATED IN KLERKSDORP
1. INTRODUCTION
In line with BSIs stated strategy of expanding its
national footprint, the Company is pleased to announce
the acquisition of the steel merchandising branch
situated in Klerksdorp from Alert Steel (the
acquisition). The acquisition along with the purchase of
Brown McFarlane Africa (Pty) Limited announced on SENS on
25 April 2012 demonstrates BSIs commitment to deliver on
its expansion strategy.
2. DETAILS OF THE ACQUISITION
The acquisition constitutes the steel retail branch
including PP&E, stock and debtors for a purchase
consideration of approximately R 8.2 million.
3. NATURE OF THE ALERT BUSINESSES
The Klerksdorp business, which also covers Orkney,
Potchefstroom and surrounding areas, is a general mild
steel merchant with a reasonable retail element to the
operation. It is the belief of BSI management that the
value that BSI is able to bring to this branch is in its
extensive product range, specifically in the mining and
heavy industry sector.
4. EFFECTIVE DATE
The effective date of the acquisition is 31 July 2012.
5. CONDITIONS PRECEDENT
The outstanding condition precedent to the acquisition is
the consent of the landlord to the cession and delegation
of the lease agreement.
8. CATEGORISATION
The acquisition is not a categorisable transaction as the
purchase consideration is below the threshold defined in
Section 9 of the JSE Limited Listings Requirements.
11 JULY 2012
Johannesburg
Designated Advisor
SASFIN CAPITAL
A DIVISION OF SASFIN BANK LIMITED
Date: 11/07/2012 02:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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