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AFGRI TO ACQUIRE LK
Afgri Limited
ISIN: ZAE000040549
Share code: AFR
Press Release
Pietman Erasmus, non-executive chairman of the Agri services group, Afgri
Limited, has confirmed that the Group had made a cash offer to acquire all the
shares in the issued share capital of Laeveld Korporatiewe Beleggings Beperk
(LK) in terms of a scheme of arrangement.
Pietman Erasmus, non-executive chairman of the Agri services group, Afgri
Limited, has confirmed that the Group had made a cash offer to acquire all the
shares in the issued share capital of Laeveld Korporatiewe Beleggings Beperk
(LK) in terms of a scheme of arrangement.
The offer is at R5.40 per share, representing a total offer value of R79
million. The amount of R59 million referred to in a previous announcement was
incorrect. Afgri has also decided to pay interest on the scheme consideration
due to procedural delays. LK shareholders will be paid interest at certified
bank call deposit rate from 11 November 2002 to the effective date of the
transaction.
LK has received irrevocable undertakings to vote in favour of the scheme of
arrangement from shareholders representing 80% of LK shares of shareholders who
are entitled to vote at the scheme meeting.
The transaction is subject to fulfillment of two suspensive conditions, the
first of which is Court sanction of the scheme of arrangement.
The second condition is approval of the transaction by the Competition Tribunal.
The two companies are not direct competitors and the Competition Commission has
recommended to the Competition Tribunal that the merger be approved without
conditions.
Afgri offers a wide range of inputs and services to farmers, processors and
users of agricultural products. The acquisition is in line with Afgri`s strategy
to diversify its business and expand regionally. LK is the major service
provider to farmers in the Lowveld who are primarily involved in tobacco, citrus
and other tropical and sub-tropical foods, nuts and sugar.
The cultures and client profiles of the two companies are compatible.
A circular will be issued to LK shareholders, informing them of the full details
of the above transaction.
Ends
ISSUED FOR : Afgri Holdings
CONTACT : Graham Ebedes (011) 706 7897 Cell 083 225 1699
Jeff Wright (011) 706 7897 Cell 082 806 1284
De Wet Goosen (011) 706 7897 Cell 082 770 7859
FAX NO : (011) 463 4139
E-MAIL : Gebedes@otk.co.za
WEBSITE : www.afgri.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart (011) 325 4195 Cell: 082 443 6399
FAX NO : (011) 325-4199
E-MAIL : Tish@tspr.co.za
DATE : 06 November 2002
Date: 06/11/2002 10:35:00 AM Produced by the JSE SENS Department
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