Avi Limited - Empowerment Investment In Irvin & Jo
Avi Limited - Empowerment Investment In Irvin & Johnson Limited (`I&J`)
AVI LIMITED
(`AVI` or `the Group`)
(Reg. No. 1944/017201/06)
Share Code: AVI
ISIN: ZAE000049433
EMPOWERMENT INVESTMENT IN IRVIN & JOHNSON LIMITED (`I&J`)
In the interim report published in March 2004, AVI confirmed that it would
increase the proportion of I&J owned by black empowerment investors to 25% and
that this was expected to be completed by 30 June 2004.
Agreement has been now been reached in terms of which a consortium consisting of
Ntshona Investment Enterprises, Dyambu Holdings and Mast Fishing will own 25% of
I&J, effective 1 July 2004. Prior to this agreement some members of the
consortium held 10% of I&J directly, which shareholding will now form part of
the new consortium`s total shareholding.
The purchase consideration of R201 million will be funded by AVI. Each of the
members of the consortium will be entitled to appoint a representative to the
board of I&J as well as to board sub-committees.
The transaction is subject to certain conditions including, inter alia,
Competition Commission approval.
Angus Band, Group Managing Director of AVI said:
`AVI is pleased to have concluded this agreement with partners who are committed
to the long term growth of the fishing industry. The new structure is
uncomplicated, with the BEE investors having real ownership of a material stake
in I&J`
Chislehurston
Sandton
6 July 2004
Enquiries:
AVI
Robert Katzen, Group Financial Director
Tel: + 27 (0) 11 779 2704
College Hill
Nicholas Williams
Tel: +27 (0) 11 447 3030
Sponsor
Standard Bank
-ENDS-
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