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CSL
CSL
Consol agrees to dispose of its Plastform and Flexibles Plastics businesses
Consol Limited
Registration number: 1946/021828/06
Share code: CSL
ISIN: ZAE000063251
("Consol")
Consol agrees to dispose of its Plastform and Flexibles Plastics businesses
1. Introduction
Standard Bank is authorised to announce that Consol has agreed to dispose
of the rigid thermo formed container ("Plastform") and the flexible
packaging ("Flexibles") divisions of its plastics business.
2. Rationale
Consol"s strategic review of its plastics operations led it to conclude
that the Plastform and Flexibles operations did not meet Consol"s
investment criteria. Consol therefore decided to dispose of these
operations. The cash proceeds from the disposals of Plastform and
Flexibles will be applied to Consol"s general corporate purposes.
3. The Plastform disposal
Consol has agreed to dispose of the assets of Plastform as a going concern
to Astrapak Limited. The Plastform disposal, which is not categorised in
terms of the Listings Requirements of the JSE Limited ("the Listings
Requirements"), is subject to certain conditions precedent, including the
approval of the Competition Commission. The Plastform disposal will be
effective from the end of the month in which the conditions precedent,
chiefly competition approval, are fulfilled.
4. The Flexibles disposal
Consol has disposed of the business of Flexibles to Polypak (Proprietary)
Limited, a packaging company based in the Cape. The Flexibles disposal
was effective from 28 April 2006.
5. Financial effects
The cumulative financial effects of the Plastform disposal and the
Flexibles disposal are not, individually or in aggregate, significant, as
defined in the Listings Requirements.
Wadeville
19 June 2006
Investment bank and sponsor
Standard Bank
Legal advisor
Taback & Associates (Pty) Limited
Enquiries
Consol
Mike Arnold, Group managing Director
Tel: +27 11 874 2228
Cell: +27 83 270 9483
Karuna Nayager, Group Financial Director
Tel: +27 11 874 2272
Cell: +27 83 500 9808
College Hill
Johannes van Niekerk
Tel: +27 11 447 3030
Cell: +27 82 921 9110
Date: 19/06/2006 08:22:10 AM Produced by the JSE SENS Department
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