| Tue 2 Jul 2002, 0:00 | | Tradehold Reduces Holding In Brown & Jackson |
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Tradehold Reduces Holding In Brown & Jackson
Tradehold has, through a number of transactions, reduced its holding in the
British retail group Brown & Jackson plc from 68,0% to 55,1%. The shares
were sold to Mr Angus Monro, a well-known figure in British retail, as well
as to a number of individuals who, it is anticipated, will be joining the
British retailer in the near future.
In addition, Brown & Jackson`s board is considering a restructuring of the
business which will see it retain only one of its present four variety
retail chains. This chain, Poundstretcher, is by far the biggest chain in
the group. Of the group`s 755 outlets 335 trade under the Poundstretcher
banner.
If the restructuring goes through, the other three chains - What Everyone
Wants, Your More Store and The Famous Brunswick Warehouse - might be
disposed of.
Monro, who through several transactions has acquired 10% of Brown & Jackson,
is expected to become CEO of Poundstretcher on 1 September as well as an
executive director of Brown & Jackson on the same date. He has already
joined the board in a non-executive capacity.
Monro`s share acquisitions, which is being funded with a loan from
Tradehold, are subject to him meeting certain performance criteria.
Dr Christo Wiese, non-executive chairman of both Tradehold and Brown &
Jackson, said further details relating to the anticipated restructuring,
which is likely to require shareholder consent, will be provided when Brown
& Jackson`s results for the year to 30 June are announced mid August.
Ends
ISSUED BY DEK&K COMMUNICATIONS
ON BEHALF OF TRADEHOLD
DATE ISSUED TUESDAY, 2 JULY 2002
MEDIA ENQUIRIES BEN DE KOCK, DEK&K (021) 424 5280
CAREL STASSEN, EXECUTIVE VICE-CHAIRMAN, B&J 0944 113 240 6406
Date: 02/07/2002 05:50:16 PM Produced by the SENS Department
