ATR - ACTOWERS - Proposed acquisition of JK Shelte
ATR
ATR
ATR - ACTOWERS - Proposed acquisition of JK Shelters (PTY) Limited and
Cautionary announcement
AFRICA CELLULAR TOWERS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2000/027374/06)
(JSE code: ATR ISIN: ZAE000088084)
("ACTOWERS" or "the company")
PROPOSED ACQUISITION OF JK SHELTERS (PTY) LIMITED AND CAUTIONARY ANNOUNCEMENT
Shareholders are advised that ACTOWERS has entered into a Heads of Agreement to
purchase JK Shelters (Pty) Limited ("JKS"). JKS manufactures and supplies
shelters to the cellular phone tower market and therefore compliments the
business of ACTOWERS.
ACTOWERS will with effect from 1 March 2007 acquire JKS for an indicative
purchase consideration of R40 million ("purchase consideration"). The purchase
consideration is based on JKS achieving an after tax profit of R8 million for
the year ending 28 February 2007. The purchase consideration is payable 30% in
cash with the balance being settled by the issue of ACTOWERS shares at 135 cents
per share.
The above transaction is a related party transaction in terms of the JSE
Listings Requirements, as Chris Kruger a director and shareholder in ACTOWERS,
owns 66.6% of JKS.
Shareholders are advised to exercise caution when dealing in the company`s
securities until a full announcement is made.
Johannesburg
13 February 2007
Designated Adviser
Exchange Sponsors (Pty) Limited
Date: 13/02/2007 16:20:02 Produced by the JSE SENS Department.
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