Steinhoff International Holdings Ltd - Acquisition
Steinhoff International Holdings Ltd - Acquisition of Controlling Interest in
Homestyle Group plc (`Homestyle`)
Steinhoff International Holdings Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1998/003951/06)
(`Steinhoff`)
JSE Code: SHF ISIN: ZAE000016176)
Acquisition of controlling interest in
Homestyle Group Plc (`Homestyle`)
Further to the announcement dated 12 May 2005, the directors of Steinhoff are
pleased to announce that the refinancing of Homestyle in an amount of GBP105
million has been successfully concluded. In terms thereof, Steinhoff`s wholly-
owned subsidiary, Steinhoff Europe AG, will acquire a 65,2% interest in
Homestyle for a total cash consideration of GBP92,8 million.
Homestyle will become a subsidiary of Steinhoff with effect from 22 June 2005,
the addition of which will result in an increase in annual consolidated revenues
of approximately GBP404 million (or approximately R5 000 million at an exchange
rate of R12,27 per GBP) based on Homestyle`s historic revenues, and will provide
attractive opportunities for incremental business to Steinhoff`s existing
worldwide operations. As a result of Homestyle`s financial strength pursuant to
the refinancing, Homestyle will be well positioned to enhance its merchandising
and trading terms going forward.
Wynberg
22 June 2005
Financial adviser and transaction sponsor
Citigroup
Sponsor
PSG Capital
Date: 22/06/2005 04:41:25 PM
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