Sharenet Sites 
Sharenet Sites
NAMPAK LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
REGISTRATION NUMBER 68/08070/06
("NAMPAK")
PRESS RELEASE
OFFER FOR THE ENTIRE ISSUED SHARE CAPITAL OF PLYSU PLC
NAMPAK HAS TODAY ISSUED A CAUTIONARY ANNOUNCEMENT IN RESPECT OF THE ABOVE CASH
OFFER TO THE SHAREHOLDERS OF PLYSU PLC ("PLYSU"). THE CONSIDERATION OFFERED
FOR THE ENTIRE ISSUED SHARE CAPITAL AMOUNTS TO GBP94,6 MILLION (APPROXIMATELY
R970 MILLION). THIS EQUATES TO A PREMIUM OF APPROXIMATELY 61 PER CENT TO THE
CLOSING MID MARKET PRICE OF 122 PENCE PER PLYSU SHARE ON 20 OCTOBER 1999, THE
LAST BUSINESS DAY BEFORE THE ANNOUNCEMENT OF THIS OFFER. ACCEPTANCE OF THIS
OFFER HAS BEEN RECOMMENDED BY THE BOARD OF PLYSU. PLYSU IS LISTED ON THE LONDON
STOCK EXCHANGE AND IS A LEADING MANUFACTURER OF PLASTIC CONTAINERS AND OTHER
PRODUCTS FROM 13 LOCATIONS IN THE UK AND 10 IN MAINLAND EUROPE.
NAMPAK IS CURRENTLY ACTIVE IN THE EUROPEAN RIGID PLASTICS PACKAGING INDUSTRY
THROUGH ITS UK SUBSIDIARY, BLOWMOCAN, WHICH SPECIALISES IN THE PRODUCTION OF
PLASTIC CONTAINERS FOR LIQUID FOODS.
COMMENTING ON THE OFFER, BRIAN CONNELLAN, CHAIRMAN OF NAMPAK, SAID:
"THE ACQUISITION OF PLYSU WILL PROVIDE A STRONG PLATFORM FOR NAMPAK'S
CONTINUING EUROPEAN EXPANSION IN THE PLASTIC PACKAGING INDUSTRY AND THE
COMBINED GROUP WILL BE BETTER POSITIONED TO SERVICE MANY OF ITS EXISTING
CUSTOMERS".
DAVID O'SHAUGHNESSY, CHAIRMAN OF PLYSU, SAID:
"THE BOARD OF PLYSU BELIEVES THAT THE OFFER REPRESENTS AN ATTRACTIVE
OPPORTUNITY FOR PLYSU SHAREHOLDERS TO REALISE THE VALUE OF THEIR INVESTMENT IN
PLYSU, PARTICULARLY IN VIEW OF POOR INVESTOR SENTIMENT TOWARDS SMALLER
COMPANIES IN THE UK, AND ESPECIALLY IN THE PACKAGING SECTOR. WE BELIEVE THE
STRENGTHS OF THE PLYSU BUSINESS CAN BE BETTER REALISED BY BECOMING PART OF A
LARGER INTERNATIONAL PACKAGING GROUP."
IRREVOCABLE UNDERTAKINGS TO ACCEPT THE OFFER AND EXPRESSIONS OF INTENT TO
ACCEPT THE OFFER HAVE BEEN RECEIVED IN RESPECT OF A TOTAL OF 28 760 629 PLYSU
SHARES REPRESENTING IN AGGREGATE APPROXIMATELY 59,6% OF PLYSU'S ISSUED SHARE
CAPITAL.
THE VALUE OF THE NET ASSETS OF PLYSU IS GBP49,8 MILLION (APPROXIMATELY R512
MILLION) AS PER THEIR LAST PUBLISHED ANNUAL ACCOUNTS AND THEIR LAST AFTER TAX
AND ATTRIBUTABLE PROFIT WAS GBP7,8 MILLION (APPROXIMATELY R81 MILLION).
PLYSU'S TOTAL TURNOVER FOR THE YEAR ENDED 31 MARCH 1999 WAS GBP150,0 MILLION
(1998 : GBP143,7 MILLION). ITS OPERATING PROFIT ON ORDINARY ACTIVITIES BEFORE
INTEREST FOR THE SAME PERIOD WAS GBP13,8 MILLION (1998 : GBP12,2 MILLION) WHILE
THE PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION WAS GBP11,3 MILLION (1998 :
GBP10,2 MILLION).
THE EFFECT ON THE EARNINGS PER SHARE OF NAMPAK IN THE FIRST FULL YEAR OF
ACQUISITION IS EXPECTED TO BE MARGINALLY EARNINGS POSITIVE.
ON COMPLETION OF THE OFFER, WHICH IS SUBJECT TO CERTAIN CONDITIONS, IT IS
INTENDED THAT MEMBERS OF THE MANAGEMENT OF PLYSU WILL CONTINUE WITH THE
ENLARGED NAMPAK BUSINESS. A FORMAL OFFER DOCUMENT WILL BE POSTED TO PLYSU
SHAREHOLDERS IN THE NEAR FUTURE. IT IS NAMPAK'S INTENTION TO DELIST PLYSU IN
DUE COURSE IF THE OFFER IS SUCCESSFUL.
SANDTON, SOUTH AFRICA, 21 OCTOBER 1999
ENQUIRIES: JOHN SAYERS, (011) 444-7418
