(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Share code: RBH ISIN code: ZAE 000011631
("Rebhold")
Fulfilment of all of the conditions precedent relating to the disposal of
Jumbo Cash & Carry, certain Browns and Weirs stores and the Sip 'n Save
wholesale liquor business to Massmart Holdings Limited
1. Introduction
Rebhold announced on 30 May 2001 that it had concluded written agreements in
terms of which Rebhold and Tiger Food Brands Limited would, subject to the
fulfilment of certain conditions precedent ("the conditions"), sell to
Massmart Holdings Limited ("Massmart"):
- the entire share capital of and shareholders' claims on loan account
against Jumbo Cash & Carry (Proprietary) Limited ("Jumbo") with effect from
1 April 2001;
- the fixed assets, stock, debtors, trade creditors, operating leases, and
employee obligations of twenty-two Browns Cash and Carry and Weirs Cash and
Carry stores with effect from 1 July 2001
(collectively "the wholesale businesses").
Rebhold also announced, subject to the fulfilment of the conditions and the
sale of Jumbo becoming unconditional, that it would sell to Massmart the
business carried on by Sip `n Save, a division of Picardi Liquors
(Proprietary) Limited ("the liquor business") with effect from 1 April 2001.
2. Fulfilment of the conditions
On 21 September 2001 the Competition Tribunal approved of the disposal of
the wholesale businesses and the liquor business to Massmart without any
conditions. Accordingly, all of the conditions relating to the disposal of
the wholesale businesses and the liquor business have been fulfilled and the
disposals will now be implemented.
3. Announcement of Rebhold's audited results for the year ended 30 June 2001
Rebhold's audited results for the year ended 30 June 2001, the publication
of which had been delayed pending the Competition Tribunal's approval of the
disposal of the wholesale businesses and the liquor business to Massmart,
will be published on Tuesday 25 September 2001.
Sandton
21 September 2001
Financial adviser and
lead transaction sponsor
Ing Barings
Sponsor
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07
Attorneys
Werksmans
Reporting accountants
Fisher Hoffman PKF (JHB) Inc
Chartered Accountants (SA)
Registered Accountants and Auditors
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