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APK
APK
Astrapak Limited - Acquisition Of The Plastform Packaging Division
("Plastform") Of Consol Limited ("Consol")
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
(Share code: APK)
(ISIN: ZAE000030938)
("Astrapak")
ACQUISITION OF THE PLASTFORM PACKAGING DIVISION ("PLASTFORM") OF CONSOL LIMITED
("CONSOL")
1. INTRODUCTION
Linked unit holders are advised that Astrapak and Consol have reached an
agreement whereby Astrapak, through a wholly owned subsidiary, will acquire all
the assets of the Plastform business as a going concern from Consol ("the
Acquisition").
2. DETAILS OF THE ACQUISITION
2.1. Nature of the business of Plastform
Plastform, located in Landsdowne in Cape Town, is a supplier of rigid
thermoformed packaging, focusing mainly on the dairy markets. Plastform is the
leading supplier of cups and lids to the expanding fresh food market.
2.2. Rationale for the acquisition
In line with the strategy of Astrapak of organic and acquisitive growth through
investing in companies operating in dynamic markets, the board of Astrapak
considers the acquisition to be appropriate for the following reasons:
- Plastform is a highly efficient, well managed and technically competent
manufacturer, being one of the leaders in its chosen market segment;
- Plastform operates mainly in the fresh food and dairy industries - markets
with higher than average growth prospects and areas in which Astrapak wishes to
increase its exposure;
- the acquisition of Plastform increases the footprint of Astrapak"s Rigid
Division, adding further manufacturing facilities in Cape Town;
- the Plastform acquisition is of strategic importance and provides a sound
platform for growth;
- Plastform will benefit from Astrapak"s management expertise, capital base
and overall purchasing power.
The acquisition is therefore of strategic importance to Astrapak and its Rigid
division, in particular.
2.3. Terms of the acquisition
The acquisition, 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
acquisition will be effective from the end of the month in which the conditions
precedent, chiefly competition commission approval, is fulfilled.
3. FINANCIAL EFFECTS
The financial effects of the acquisition are not significant, as defined in the
Listings Requirements.
Sandton
19 June 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal Advisor
PAUL BOTHA & ASSOCIATES.
Date: 19/06/2006 09:44:17 AM Produced by the JSE SENS Department
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