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JD Group/ Profurn - Informataion in respect of the Competition Tribunal ruling
JD GROUP LIMITED PROFURN LIMITED
(Incorporated in the (Incorporated in the
Republic of South Africa) Republic of South Africa)
(Registration number (Registration number
1981/009108/06) 1968/015363/06)
Share Code: JDG Share Code: PON
ISIN:ZAE000030771 ISIN ZAE000016481
("JD Group") ("Profurn")
Informataion in respect of the Competition Tribunal ruling
Further to the following announcements ("the announcements") dated 12 December
2002 in respect of:
JD Group`s audited financial results for the year ended 31 August 2002 which
included a renewal of the cautionary announcement; and
A renewal of cautionary announcement by Profurn,
shareholders are advised that the Competition Tribunal has conditionally
approved the proposed transaction in terms of which JD Group and Firstrand Bank
Limited have entered into a Memorandum of Understanding regarding the proposed
sale of the businesses of Profurn Limited to JD Group ("proposed transaction").
The Competition Tribunal imposed the following conditions:
JD Group and Profurn must until 31 December 2005 maintain, as a minimum, the
proportion of furniture goods purchased from independent manufacturers, being
those other than Steinhoff International Holdings Limited ("Steinhoff"),
expressed as a percentage of their total purchases for the calendar year 2002;
and
If a Profurn chain is discontinued, then the total value of that chain`s
purchases using as a minimum the purchases for the year ended 2002, from the
manufacturers other than Steinhoff must be allocated to the remaining chains of
the merged entity.
The proposed transaction is still conditional upon, inter alia, the terms of the
relevant documentation, including comprehensive agreements, being concluded.
As referred to in the announcements, shareholders are advised to continue to
exercise caution when dealing in JD Group and Profurn securities until a further
announcement is made.
Johannesburg
13 December 2002
Corporate Advisor Merchant Bank to
And Transaction Sponsor Profurn
to JD Group
[Gensec Bank Limited ] [Rand Merchant Bank ]
(A division of
FirstRand Bank
Limited]
Legal Adviser to JD Sponsor to Profurn
Group
[Feinsteins ] [Grant Thornton
Kessel Feinstein ]
Date: 13/12/2002 07:48:00 AM Produced by the JSE SENS Department
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