Amalgamated Appliance Holdings Limited - Salton Inc. enters into an agreement to
dispose of its interest in AMAP
Amalgamated Appliance Holdings Limited
Incorporated in the Republic of South Africa
Registration number 1997/004130/06
Share code: AMA ISIN: ZAE000012647
(`AMAP`)
Salton Inc. enters into an agreement to dispose of its interest in AMAP
AMAP shareholders are referred to a Salton Inc. announcement released today
stating that it has entered into an agreement for the disposal of its 52.6%
interest in AMAP. The body of the announcement is set out below:
`LAKE FOREST, Ill. - August 29, 2005 - Salton, Inc. (NYSE-SFP) announced today
that it has entered into a definitive agreement to sell its 52.6% ownership
interest in Amalgamated Appliance Holdings Limited (AMAP) to a group of
investors led by Interactive Capital (Proprietary) Limited. The Company expects
to receive net cash proceeds of approximately $80 million in connection with the
transaction. The closing, which is subject to certain conditions, is expected
to occur in September.
`The successful debt exchange offer we announced today has allowed us to pursue
initiatives, such as the sale of our ownership interest in AMAP, to increase our
financial flexibility,` said Leonhard Dreimann, chief executive officer of
Salton. `We will continue to aggressively explore other ways to improve our
liquidity. While AMAP has been a great investment for Salton and continues to
be a leading distributor and marketer of small appliances and other products in
South Africa, the sale of our ownership interest will not end our relationship.
We expect to continue to work closely with AMAP, which will continue to license
and sell our George ForemanRegistered, Russell HobbsRegistered and
CarmenRegistered branded products in South Africa.``
Johannesburg
29 August 2005
Sponsor: Bridge Capital Services (Pty) Limited
Date: 29/08/2005 04:58:29 PM
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