| Fri 13 Mar 2020, 16:30 | | CHOPPIES ENTERPRISES LIMITED - CHP : Announcement in respect of the disposal of interests in South African subsidiaries |
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CHP : Announcement in respect of the disposal of interests in South African subsidiaries:
Choppies Enterprises Limited
Incorporated in the Republic of Botswana
("the Company" or "the group")
BSE Share Code: CHOPPIES
JSE Share Code: CHP
ISIN Number: BW0000001072
ANNOUNCEMENT IN RESPECT OF THE DISPOSAL OF INTERESTS IN SOUTH AFRICAN SUBSIDIARIES
Reference is made to the Announcement in respect of the disposal by the Company of its interests in
South African subsidiaries published on XNews and SENS on 03 December 2019.
The Company advises that the last outstanding condition precedent to the Disposal has been fulfilled.
The Company advises that on 25 February 2020, the Competition Commission of South Africa issued a
Merger Clearance Certificate in which it unconditionally approved the acquisition by Kind Investment
(Pty) Limited of all the shares held by the Company in and loan accounts advanced by the Company to
each of its South African Subsidiaries ("the Sale Equity"). All the conditions precedent to the Disposal
have been fulfilled as oMonday, 02 March 2020.In terms of the Agreement for the purchase and sale
of the Sale Equity concluded between the Company and Kind Investment (Pty) Limited, delivery,
ownership of and all risk in and all benefit accruing to the Sale Equity will take place on the first
business day of the month immediately following the month in which the fulfilment date occurs,
which is Monday, 02 March 2020.
Pursuant to the underwriting by the Company of negative equity value in its South African
subsidiaries, it is for the Company ( through its sales agent, Redford Capital ) and the Purchaser to
now take action to agree the value of the assets including stock in trade and the liabilities of the South
African subsidiaries of the Company, to determine the amount payable by the Company, subject to a
maximum of ZAR150,000,000 in not more than fifteen equal monthly instalments, provided that each
instalment is not less than ZAR10,000,000, commencing in the month following the Effective Date,
which is April 2020.
The Company's primary listing is on the BSEL and its secondary listing is on the JSE. The listings on
both exchanges are suspended.
By order of the Board
13 March 2020
BSEL Sponsoring Broker
African Alliance Botswana Limited
JSE Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 13-03-2020 04:30:00
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