Illovo Sugar - Sale of Monitor Sugar Company
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
Company registration number 1906/000622/06
Share Code: ILV
ISIN: ZAE000003547
(`Illovo Sugar`)
Sale of Monitor Sugar Company
Further to the announcement of 6 August 2004, wherein shareholders were advised
that Illovo Sugar had entered into a sale agreement with Michigan Sugar Company
for the sale of its shareholding in Monitor Sugar Company in the United States,
and the conditions precedent having been fulfilled, shareholders are now advised
that the consideration payable was settled at US$ 39.2 million, of which US$
36.0 million has been settled in cash and US$ 3.2 million by delivery of a ten
year promissory note. Upon receipt of the cash, Illovo Sugar immediately settled
liabilities in Monitor Sugar Company of US$ 20.9 million. The earn-out payments
remain at US$ 5.0 million.
Mount Edgecombe
6 October 2004
Sponsor
Cazenove
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