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APK
APK
Astrapak - Acquisition of Ultrapak
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
(Share code: APK)
(ISIN: ZAE000030938)
("Astrapak")
1. INTRODUCTION
Linked unit holders are advised that Astrapak have reached an
agreement whereby Astrapak, through a wholly owned subsidiary, will
acquire all the assets and liabilities of Ultrapak as a going concern
from Durban Bag (Proprietary) Limited.
2. DETAILS OF THE ACQUISITION
2.1. Nature of the business of Ultrapak
Ultrapak, located in East London, is a division of Durban Bag
(Proprietary) Limited. Ultrapak concentrates on a few niche markets
which include the wicketed bread bag, milk sachet and fruit juice
sachet markets.
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:
- Ultrapak is a highly efficient, well managed and technically
competent manufacturer, being one of the leaders in its chosen
market segments;
- Ultrapak 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; and
- Ultrapak will benefit from Astrapak"s management expertise,
capital base and overall purchasing power.
The acquisition is therefore of strategic importance to Astrapak and
its Films 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, mainly 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 October 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal Advisor
PAUL BOTHA & ASSOCIATES.
Date: 19/10/2006 03:28:02 PM Produced by the JSE SENS Department
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