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Kersaf/Primedia - Disposal of Ster Century Europe Limited`s cinema interests
in Hungary, the Czech Republic and Slovakia
KERSAF INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1967/007528/06)
JSE Share code: KER ISIN: ZAE000003844
("Kersaf")
PRIMEDIA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/003355/06)
Ordinary share code: PMA ISIN: ZAE000035119
N-ordinary share code: PMN ISIN: ZAE000035127
("Primedia")
Disposal of Ster Century Europe Limited`s cinema interests in Hungary, the
Czech Republic and Slovakia
Primedia and Kersaf shareholders are referred to the joint announcement
by Primedia and Kersaf published on 28 February 2002 regarding the disposal
by Ster Century Europe Limited ("Ster Century Europe") of its cinema
interests in Hungary, the Czech Republic and Slovakia.
The disposal of the cinema interests in Hungary and the Czech Republic
was completed on 18 June 2002 and the cash consideration, including
interest, in respect thereof of US$16,9 million will be applied (net of
transaction costs) to reduce Ster Century Europe`s US$30 million facility
with Standard Bank. Primedia and Royale Resorts Holdings Limited ("Royale")
(a 73,3% held subsidiary of Kersaf) have provided joint and several
guarantees in respect of the Standard Bank facility and certain leases, but
have indemnified each other so as to limit each party`s exposure to 50% of
the guarantee. Consequently, the completion of the sale will reduce the
total guarantee commitments of Primedia and Royale as follows (the impact on
each of Primedia and Royale will be 50% thereof):
- a permanent reduction of approximately US$16,0 million in respect of the
Standard Bank facility; and
- a reduction of approximately US$7,5 million in respect of lease
commitments.
Completion of the sale of the cinema in Slovakia for US$1,8 million is
subject to Slovakian competition commission clearance which is not expected
before September 2002.
Ster Century Europe is progressing with the potential sales of its cinema
interests in other territories. Further announcements will be made as and
when such sales are concluded.
Sandton
20 June 2002
Financial adviser to Kersaf and Primedia
ING Investment Banking
Sponsor to Kersaf
ING Investment Banking
sponsor to Primedia
Investec Bank Limited
(Registration number 1969/004763/06)
Date: 20/06/2002 05:03:00 PM Produced by the SENS Department
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