Mr Price Group Limited - Sale Of Galaxy Division
MR PRICE GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number 1933/004418/06
ISIN: ZAE 000026951
JSE share code: MPC
(`Mr Price` or `the Mr Price group`)
SALE OF GALAXY DIVISION
Mr Price has concluded negotiations in terms of which the Galaxy jewellery
division (`Galaxy`) will, subject to the satisfactory conclusion of due
diligence and the fulfillment of various conditions precedent, be sold to a
consortium comprised of management of that division. The effective date of the
transaction is 27 March 2005.
The directors of Mr Price consider that the business of Galaxy does not
represent a core retail activity of the Mr Price group and believe that the sale
of the division will not have a material impact on the earnings of the group.
Durban
19 July 2005
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisers to Mr Price
Bernadt Vukic Potash & Getz Attorneys
Legal advisers to Galaxy
Sonnenberg Hoffmann Galombik Attorneys
SHG Business Advisory Services (Pty) Limited
Financial partner to Galaxy
Absa Corporate and Merchant Bank
Date: 19/07/2005 08:00:06 AM Supplied by www.sharenet.co.za partment
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