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HOSKEN CONSOLIDATED INVESTMENTS LIMITED - ACQUISITION OF AN EFFECTIVE 5%
INTEREST IN TSOGO SUN
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/07111/06)
(ISIN ZA000003257)
(Share code HCI)
("HCI" or "the Company")
ACQUISITION OF AN EFFECTIVE 5% INTEREST IN TSOGO SUN
1. THE TRANSACTION
1.1 HCI shareholders are advised that the Company has acquired 100% of all
issued shares in the capital of and claims against Nactu Investment Ho
(Proprietary) Limited ("NIH") from Nactu Trust.
1.2 NIH is an investment holdings company with its main investment being
10% of all the issued ordinary shares in the capital of Tsogo
Investment Holding Company (Pty) Ltd ("TIH") and TIH owns 51% of all
the issued ordinary shares in the capital of Tsogo Sun Holdings (Pty)
Ltd ("Tsogo Sun").
1.3 Tsogo Sun is actively involved in the hotel and gaming industries. By
entering into this transaction, HCI will obtain an effective 5% stake
in Tsogo Sun and thereby an increased exposure to these industries.
2. CONSIDERATION
2.1 The total purchase price that is payable to Nactu Trust for the shares
is R36.2 million.
2.2 The purchase consideration is payable in cash in 2 instalments of
R17 738 000 each and a last instalment of R724 000. The first
instalment is expected to be paid on or about 26th September 2003 and
the remaining instalments are to be paid following fulfilment of the
applicable conditions precedent.
3. RATIONALE FOR THE TRANSACTION
The transaction enables HCI to gain an increased exposure to the hotel and
gaming industries.
4. EFFECTIVE DATE AND CONDITIONS PRECEDENT
The transaction is effective from 1 September 2003 and is subject to the
approval of the South African Gaming Board and Competition Commission.
5. FINANCIAL EFFECTS
The transaction does not have a material effect on the loss per share or
the net asset value per share of the group as reported for the year ended
31 March 2003, and are therefore not included in this announcement. The
value of the asset which is the subject of the transaction ("the asset"),
is R36.2 million, while the income attributable to the asset is not
considered to be material.
26 September 2003
Durban
SPONSOR
Nedbank Corporate
CORPORATE ADVISOR
HJS Advisory Services (Pty) Ltd
Date: 26/09/2003 04:48:03 PM Produced by the JSE SENS Department
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