Mr Price Group Limited - Sale Of The Hub Division
MR PRICE GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number 1933/004418/06
ISIN: ZAE000026951
JSE share code: MPC
(`Mr Price` or `the Mr Price group`)
SALE OF THE HUB DIVISION
Mr Price has concluded negotiations in terms of which The Hub division (`The
Hub`) 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 and a private investor. The effective date of the
transaction is 27 March 2005.
The directors of Mr Price consider that the business of The Hub 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
29 August 2005
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisers to Mr Price
Bernadt Vukic Potash & Getz Attorneys
Legal advisers to The Hub
Berkowitz Cohen Wartski Attorneys
Financial partner to The Hub
Nedbank Corporate, a division of Nedbank Limited
Date: 29/08/2005 12:46:01 PM
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