Tourvest Aims To Complete Sure Travel Acquisition Soon
Release Date: 25/03/2004 10:30:01 Code(s): TRT
Tourvest Aims To Complete Sure Travel Acquisition Soon
TOURVEST INVESTMENT CORPORATION LIMITED
Registration number : 1996/008144/06
Share code : TRT
ISIN: ZAE000012472
For further information call:
Tommy Edmond, CEO on 011-339-6044
Andre Geldenhuys, MD Outbound Travel Services on 083-255-9097
TOURVEST AIMS TO COMPLETE SURE TRAVEL ACQUISITION SOON
Johannesburg, 25 March 2004 - Tourvest hopes to complete its acquisition of Sure
Holdings before the end of the group"s current financial year in June, the
managing director of its outbound travel services division, Andre Geldenhuys,
said today.
Sure Holdings shareholders last week voted overwhelmingly to accept Tourvest"s
conditional offer of R100 per share. The R75 million transaction is still
subject to a due diligence, Competition Board approval and the finalisation of
service agreements with key Sure management.
"The fact that some 85% of Sure Holdings" shareholders - well in excess of the
required 67% - were in favour of the deal, amounts to a very encouraging
vote of confidence in Tourvest and its ability to add value to the Sure Travel
business," Geldenhuys said.
"Sure Holdings shareholders will be able to realise cash for their shares and
Sure Travel franchisees will enjoy the benefits of greatly increased buying and
negotiating power through their membership of the larger Tourvest group, while
still continuing to own their travel agency businesses. From a Tourvest
perspective, the acquisition is a strategic growth opportunity in a market
sector which is critically important to us."
Geldenhuys said the due diligence was already under way and should be completed
by the end of April. A presentation to the Competition Board will be made at
the earliest opportunity.
Issued by du Plessis Associates on behalf of Tourvest.
dPA contact Kathy du Plessis Tel : +27 11 728 4701,
Fax: +27 11 728 2547, Mobile: 083 266 5847 or
e-mail: tourvest@dpapr.com
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