Johnnic Holdings Limited - Fulfilment Of Condition
Johnnic Holdings Limited - Fulfilment Of Conditions Precedent Relating To The
Acquisition Of A 50% Interest In Fabcos Investment Holding Company Limited
(`Fih`) And Renewal Of Cautionary Announcement
JOHNNIC HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1889/000429/06)
(`Johnnic`)
ISIN: ZAE000024352
Code: JNC
FULFILMENT OF CONDITIONS PRECEDENT RELATING TO THE ACQUISITION OF A 50% INTEREST
IN FABCOS INVESTMENT HOLDING COMPANY LIMITED (`FIH`) AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT
1. FULFILMENT OF CONDITIONS PRECEDENT
Shareholders are referred to Johnnic`s announcement published on SENS on 5
October 2004 in which they were advised that Johnnic acquired a 50% interest in
the ordinary issued share capital of FIH (an effective 9.7% in Tsogo Sun
Holdings (Proprietary) Limited) from Fabvest Investment Holdings Limited
(`Fabvest`) for a cash consideration of R295 million (`the transaction`). The
transaction was to be implemented in two equal tranches of shares in FIH.
The conditions precedent relating to the first tranche were met and an amount of
R147.5 million was paid on 13 October 2004. The conditions precedent relating to
the second tranche included, inter alia, receiving the necessary approval from
the Competition Authorities and Gaming Boards. Shareholders are advised that the
remaining conditions precedent relating to the acquisition of the second tranche
were fulfilled on 30 June 2005.
2. RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are further referred to Johnnic`s cautionary announcements
published on SENS on 30 March and 11 May 2005 in which they were advised that
Johnnic had entered into negotiations with Nafcoc Holding Company Limited
(`Nafhold`), with regard to their respective interests in Tsogo Investment
Holdings Limited.
Shareholders are advised that the negotiations with Nafhold are still
proceeding. Should such negotiations be successfully concluded, they could have
a material effect on Johnnic`s share price. Accordingly, shareholders are
advised to continue to exercise caution when dealing in Johnnic`s shares until a
further announcement is made.
Midrand
30 June 2005
Investment Bank and Transaction Sponsor
Standard Bank
Legal Advisors
Webber Wentzel Bowens
Sponsor
Merrill- Lynch South Africa (Proprietary) Limited
Date: 01/07/2005 07:13:07 AM
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