Rainbow – acquisition announcement
Shareholders are referred to the announcement released on SENS on 29 April 2013, relating to Rainbow”s acquisition of an effective 64.2% of New Foodcorp Holdings (Pty) Ltd. (“New Foodcorp Holdings”). Shareholders are advised that Foodcorp, a 100% subsidiary of New Foodcorp Holdings, has concluded Heads of Agreement with Oceana Group Ltd. (“Oceana”) for the disposal by Foodcorp of its fishing division to Oceana in a transaction worth R445 million (“the Transaction”).
Among other conditions, the Transaction is subject to the following material conditions precedent:
* transfer of the fishing rights acquired being approved by the Department of Agriculture, Forestry and Fisheries;
* approval by the Competition Authorities; and
* conclusion of a formal agreement containing detailed terms of the Transaction.
For further details regarding the Transaction, shareholders are referred to the voluntary announcement released simultaneously by Oceana