JD GROUP LIMITED - DISPOSAL BY BOCONCEPT UK LIMITED OF THE BOCONCEPT MASTER
FRANCHISE FOR THE UNITED KINGDOM (UK) AND CERTAIN OF ITS
STORES IN THE UK
JD Group Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1981/009108/06)
JSE code: JDG
ISIN: ZAE000030771
NSX code: JDL
(`the Company`)
DISPOSAL BY BOCONCEPT UK LIMITED (` BoConcept`) (A WHOLLY OWNED SUBSIDIARY OF JD
GROUP INTERNATIONAL (PROPRIETARY) LIMITED, IN TURN A WHOLLY OWNED SUBSIDIARY OF
THE COMPANY) OF THE BOCONCEPT MASTER FRANCHISE FOR THE UNITED KINGDOM (UK) AND
CERTAIN OF ITS STORES IN THE UK (`the disposal`).
The Company advises that an agreement has been entered into with Club 8 Company
A/S, and its affiliates, of Denmark (`Club 8`) relating to the disposal by
BoConcept of the BoConcept master franchise for the UK and certain of its stores
in the UK to Club 8.
In order to contain losses incurred by BoConcept because of the limited number
of stores and the prevailing business model of the Company providing no future
expansion potential, the disposal has been pursued. In addition, BoConcept will
procure the disposal / closure of its remaining stores in the UK as soon as
circumstances permit.
The value of the net assets, which are the subject of the disposal, is
insignificant and the disposal will accordingly have a minimal effect on the
headline earnings, earnings, net asset value or net tangible asset value per
share of the Company. The disposal is not a `category` transaction in terms of
section 9 of the Listings Requirements of the JSE Securities Exchange South
Africa.
Johannesburg
24 June 2004
Lead sponsor Joint sponsor Sponsoring Legal
broker in advisor
Namibia
Barnard Jacobs PSG Capital Simonis Storm Feinsteins
Mellet Limited Securities Attorneys
Corporate
Finance (Pty)
Limited
Date: 24/06/2004 10:54:38 AM
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