Last checked at 3 Apr 2018 16:00
AECI Limited - Fulfilment of Conditions Precedent - Much AsphaltAECI Limited - Fulfilment of Conditions Precedent - Much Asphalt
PR Newswire
London, April 3
AECI LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1924/002590/06)
Share code: AFE
ISIN: ZAE000000220 (“the Company”)
FULFILMENT OF CONDITIONS PRECEDENT TO THE ACQUISITION OF MUCH ASPHALT PROPRIETARY LIMITED (“MUCH ASPHALT”) AND CLOSURE
Further to the Company’s announcement released on the Stock Exchange News Service of the JSE Limited on 30 October 2017 regarding the acquisition by AECI of shares in Much Asphalt (“the Transaction”), shareholders are advised that all conditions precedent to the Transaction have now been fulfilled, including the conclusion of a management agreement in terms of which management retained approximately 2% of the shares of Much Asphalt. Accordingly, AECI acquired approximately 98% of the entire issued share capital of Much Asphalt.
In terms of the agreement governing the Transaction, the closing of the Transaction took place on 3 April 2018 (“Closing Date”).
Following adjustments, R1 988 million was paid on the Closing Date, which is subject to further adjustments after finalisation of the effective date accounts.
Woodmead, Sandton
3 April 2018
Investment Bank, Corporate Advisor and Transaction Sponsor to AECI
The Standard Bank of South Africa Limited
Corporate Advisor to AECI
Deloitte Capital Proprietary Limited
Legal Advisors to AECI
Webber Wentzel