CNL
CNL
Control Instruments - Acquisition of the business of Pi Technology - fulfilment
of conditions precedent
CONTROL INSTRUMENTS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1964/003987/06)
Share code: CNL & & ISIN: ZAE000001665
("Control Instruments")
ACQUISITION OF THE BUSINESS OF PI TECHNOLOGY - FULFILMENT OF CONDITIONS
PRECEDENT
The acquisition of Pi Technology was subject to South African Reserve Bank
approval being obtained on or before 30 November 2006. Control Instruments has
been advised that the South African Reserve Bank has approved the acquisition.
Accordingly, the agreement for the acquisition is now unconditional. The
transfer of the business and the associated payment of the purchase
consideration of GBP5 million are expected to take place by 30 November 2006.
Control Instruments will use term loan facilities and internal resources to
finance the acquisition.
Cape Town
22 November 2006
Sponsor: INVESTEC BANK
Attorneys: JAN S DE VILLIERS
Date: 22/11/2006 01:17:03 PM Produced by the JSE SENS Department
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