TASTE HOLDINGS LIMITED - UPDATE ON FISH AND CHIP ACQUISITION
TAS 201208080017A
UPDATE ON FISH AND CHIP ACQUISITION
TASTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/002239/06)
JSE code: TAS
ISIN: ZAE000081162)
("Taste")
UPDATE ON FISH AND CHIP ACQUISITION
Further to the announcement dated 18 January 2012 wherein Taste advised
shareholders about the acquisition by one of its wholly-owned subsidiaries, Buon
Gusto Cuisine (Pty) Ltd (“Buon Gusto”), of the The Fish & Chip Co. brand (“the
business”) operated by the Traditional Fish & Chips (Pty) Ltd and Praxia
Nathanael (“the sellers”), the board wishes to further advise shareholders that:
- On 31 January 2012 Buon Gusto made a cash payment of R45 million directly
to the sellers, in accordance with the provisions of the sale of business
agreement (“agreement”).
- The sellers handed over the business, and full control thereof, to Buon
Gusto on 1 February 2012 and the business has since been fully integrated
into the operations of Buon Gusto.
- A dispute subsequently arose in regard to the set-off account, which
consists primarily of deposits paid by prospective franchisees to the
sellers. Buon Gusto referred this dispute to its auditors for
determination, in accordance with the provisions of the agreement.
- The sellers thereafter purported to cancel the agreement and have issued
summons in this regard.
- Buon Gusto does not accept the purported cancellation and deems it to be
entirely without foundation. It is defending the action and will file a
counterclaim in due course. It is furthermore considering instituting
various other actions to safeguard its rights, including enforcing the
restraint of trade against the sellers and/or Stelio Nathanael.
- Taste’s attorneys have advised that they anticipate the matter to be heard
in the latter part of 2013.
Shareholders will be kept appraised of further developments.
JOHANNESBURG
8 AUGUST 2012
SPONSOR
VUNANI CORPORATE FINANCE
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