Astrapak Limited -
ASTRAPAK LIMITED
(Registration number : 1995/009169/06)
ISIN : ZAE000030938
Share Code : APK
INSTITUTIONS ACQUIRE ASTRAPAK SHARES
Senior management of Astrapak today (Wednesday, July 9) noted with satisfaction
that a number of leading financial institutions had acquired in excess of
40 million shares in South Africa"s second largest packaging company brought to
market by private equity fund manager, Brait.
Russell Upton, Astrapak Chairman, says: "While the timing was unexpected, the
transfer of this block from our largest shareholder was not unanticipated. The
transaction has many positive features which we welcome. The prompt purchase of
our shares by the institutions is a vote of confidence in the strength of our
company and its management team. Simultaneously, these transactions spread
Brait"s significant holding in our company and thereby removes the perceived
overhang of shares. Furthermore, the transaction provides potential scope for
an increase in the future tradability of Astrapak shares - addressing a
challenge the Group has been aware of for some time."
Ray Crewe-Brown, Astrapak Chief Executive, said: "Management appreciates this
show of confidence by the institutions. This represents Astrapak"s transaction
to a fully-fledged public company from its roots of private equity control."
Sponsor
RAND MERCHANT BANK
A Division of FirstRand Bank Limited
CORPORATE FINANCE
Date: 10/07/2003 08:02:10 AM Supplied by www.sharenet.co.za
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