Press release
9 April 2001
Astral Foods, the food-processing group created from the unbundling of Tiger
Brands agri-poultry division, made its debut on the Industrial-Food sector of
the JSE today.
In a relatively thin market leading into the week prior to the Easter weekend,
the share closed at R7,75 with good support shown at lower levels. More than
111,584 shares, worth just over R866, 000, changed hands on the JSE today.
Astral Foods management estimates its value at approximately R500-R550 million
but acknowledges that the market will have to "find its feet" with the Astral
Foods share price due to it being listed via an unbundling.
Nick Wentzel, CEO of Astral Foods, comments:
"We had expected the price to move about during the course of the first day and
for the rest of the week for that matter, due to portfolio readjustments by
some of the larger Tiger Brands shareholders and because the market has to
digest the information on Astral Foods and the abilities of management. We are
confident that the market will note the value in the Astral Food share, its
cash generating abilities and its appropriate dividend policy and that the
share price will firm on continued good volumes in the weeks to come."
"We are excited about our listing today, and believe that we now have a great
opportunity to be an independent listed company pursing value for shareholders.
Our share price is not our primary concern. We are focussed on our operations
and the opportunities available to Astral Foods - the share price will reflect
these positive contributions of management."
Ends
Notes to Editors
* Astral Foods was formed from the unbundling of Tiger Brands agri-poultry
interests.
* In terms of the unbundling, Tiger Brands shareholders will receive 1 Astral
Foods shares for every 4 Tiger Brands shares held.
* The unbundling and listing follows the 86% vote by Tiger Brands shareholders
in favour of the unbundling of Astral Foods.
* Astral Foods' key activities in animal feeds, animal feed pre-mixes, broiler
genetic breeding and broiler operations position the group as a leading player
in the South African agri-poultry industry, with significant complementary
synergies across the Astral Foods group.
* Astral Foods comprises Meadow Feeds, Nutec SA (50%), County Fair, Earlybird
Farm (50%), Ross Poultry Breeders and Natchix (35%).
Issued by:
Justine Hibbert Brunswick (011) 442 8803 / 083 443 4347
Nicola Atherstone Brunswick (011) 442 8803 / 083 326 7793
For further information:
Nick Wentzel Astral Foods (012) 347 5077 / 082 499 8000
Tom Pritchard Astral Foods (012) 347 5077 / 082 379 2692
Craig Brewer ING Barings (011) 302 3313 / 083 303 0980
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