Kersaf / Primedia: Disposal Of Ster Century Europe
interests
KERSAF INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1967/007528/06)
JSE Share code: KER ISIN: ZAE 000003844
("Kersaf")
PRIMEDIA LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1993/003355/06)
Ordinary share code: PMA ISIN: ZAE 000035119
N-ordinary share code: PMN ISIN: ZAE 000035127
("Primedia")
Disposal of Ster Century Europe Limited's cinema interests in
Hungary, the Czech Republic and Slovakia
Ster Century Europe Limited ("Ster Century Europe") has agreed terms for
the disposal of its cinema interests in Hungary, the Czech Republic and
Slovakia to United Cinemas International (Central Europe) BV with effect
from 1 January 2002 for a total consideration of US$18.5 million.
The shareholders of Ster Century Europe are as follows:
Shareholding
Royale Resorts Holdings Limited ("Royale Resorts") 46.9%
Primedia 40.6%
ING Bank N.V. 12.5%
Total 100.0%
Royale Resorts is a 73.3% held subsidiary of Kersaf.
The disposal of the cinema interests in Hungary and the Czech Republic is
for a cash consideration of US$16.7 million, with completion expected by
April 2002. The disposal of the cinema interests in Slovakia is for a cash
consideration of US$1.8 million, with completion subject to Slovakian
competition commission clearance expected by June 2002.
The disposal value represents a loss on net book value of US$3.5 million.
Ster Century Europe intends to apply the net disposal proceeds to reduce its
existing US$30 million facility with Standard Bank, which will in turn
reduce the guarantee commitments of Royale Resorts and Primedia in respect
of this facility.
The attributable loss to Ster Century Europe from its cinema interests in
these territories was US$2,6 million for the year ended 30 June 2001 and
US$1,4 million for the six months ended 31 December 2001.
Sandton
28 February 2002
Financial adviser to Kersaf and Primedia
Ing Barings
Sponsor to Kersaf
Ing Barings
Merchant Bank and Sponsor to Primedia
Investec Bank Limited
(Registration number 1969/004763/06)
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