To view the PDF file, sign up for a MySharenet subscription.

TIGER BRANDS LIMITED - Voluntary announcement regarding the proposed sale of shares in Oceana Group Limited by Tiger Brands

Release Date: 24/01/2019 09:46
Code(s): TBS     PDF:  
Wrap Text
Voluntary announcement regarding the proposed sale of shares in Oceana Group Limited by Tiger Brands

“Tiger Brands” or “the Company”
(Incorporated in the Republic of South Africa)
(Registration number 1994/017881/06)
Share code: TBS ISIN: ZAE000071080


On 22 November 2018, Tiger Brands advised shareholders that the Board
has decided to pursue an unbundling of Tiger Brands’ shareholding in

Shareholders are advised that Tiger Brands has received and accepted a
conditional but binding offer from Brimstone Investment Corporation
Limited (“Brimstone”) in terms of which Brimstone will acquire 8,000,000
ordinary shares in Oceana (the “Oceana Shares”), which represents
approximately 5.9% of Oceana’s total shares currently in issue (the

Brimstone is a black controlled and managed investment company
incorporated and domiciled in South Africa and is an existing
shareholder in Oceana, with a 17.0% shareholding. The Transaction will
further strengthen Oceana’s Black Economic Empowerment ownership

Shareholders are referred to the announcement made by Brimstone today
for further details of the Transaction. Completion of the Transaction is
subject to the fulfilment of certain conditions precedent, which are set
out in the Brimstone announcement. The effective date of the Transaction
will be the first business day after the date of fulfilment of the last
condition precedent. The conditions precedent are required to be
fulfilled by no later than 17h00 on 28 February 2019.

The purchase price for the Oceana Shares will be ZAR 72.67958 per share
(which is based on the 10-day volume weighted average price (“VWAP”) of
an Oceana share, calculated up to the close of trading on 23 January

The total purchase price will amount to ZAR 581 million, resulting in a
capital profit of approximately ZAR 282 million. It is expected that the
Transaction will increase Tiger Brands’ net asset value (and ordinary
shareholders funds) by approximately ZAR 256 million and earnings per
share by approximately 170 cents. The Transaction is anticipated to have
a minimal effect on headline earnings per share.

Tiger Brands is proceeding with the necessary steps to complete the
unbundling of the remaining 49,104,774 Oceana shares during the second
quarter of the 2019 calendar year.
A further announcement will be made once the Transaction has been

24 January 2019

J.P. Morgan Equities South Africa Proprietary Limited

Financial Advisor
Standard Chartered Bank

Legal Advisor
Edward Nathan Sonnenbergs


Date: 24/01/2019 09:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story