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Disposal of the business of Hilfort Plastics Cape Town - APK /APKP
Astrapak Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1995/009169/06)
Share Code: APK
ISIN: ZAE000096962
Share Code: APKP
ISIN: ZAE000087201
("Astrapak")
DISPOSAL OF THE BUSINESS OF HILFORT PLASTICS CAPE TOWN
1. INTRODUCTION
Shareholders are hereby advised that Astrapak has entered into an agreement on the 12th of
June 2014 with Boxmore Plastics SA (Proprietary) Limited ("the Purchaser"), in terms of which,
if successfully implemented, Astrapak will dispose of its Hilfort Plastics Cape Town business
("Hilfort Cape Town") to the Purchaser ("the Transaction").
2. THE BUSINESS OF HILFORT CAPE TOWN
Hilfort Cape Town operates in and around Cape Town and manufactures and sells
predominantly PET rigid plastic containers (bottles and jars) and accompanying closures to a
wide range of markets including the food, beverage, wine and chemical industries.
3. THE RATIONALE FOR THE DISPOSAL
The PET market remains highly competitive, the fundamentals continue changing rapidly and to
remain sustainable the single most important factor is operational scale. The trend of
customers moving in-house to blow their own bottles and consolidating filling facilities in terms
of centres of excellence continues to further reduce the scope of volume available to
converters. This is more pronounced in the Western Cape where the industry is relatively small
in relation to the Gauteng region. Hilfort Cape Town has been impacted significantly by these
factors and has underperformed relative to Astrapak's other Rigid operations for some time.
The Transaction will ensure continuity of supply to the customer base in the Western Cape
region and will allow for the Purchaser to consolidate this business into their Western Cape
operation, thereby enhancing and securing scale and the sustainability of their own operation in
the region.
The Transaction will enhance the financial performance of Astrapak following the
implementation.
4. CATEGORISATION OF TRANSACTION
The Transaction falls below the requirements for a "category transaction" in terms of the
Listings Requirements of the JSE Limited ("JSE") and this SENS announcement is therefore
voluntary.
5. PURCHASE CONSIDERATION
The purchase consideration payable by the Purchaser to Astrapak shall be discharged by the
Purchaser by paying the purchase consideration in cash into the Astrapak's nominated bank
account by the effective date as outlined below.
6. EFFECTIVE DATE
In terms of the sale agreement, the effective date of the Transaction will be the latter of 1 July
2014 and the second business day following the date upon which the last of the suspensive
conditions are fulfilled.
7. SUSPENSIVE CONDITIONS
The Transaction is still subject to a number of suspensive conditions, including the requisite
approvals of any regulatory authorities which are required to implement the Transaction as
contemplated.
8. OTHER RELEVANT INFORMATION
Save for information as set out in this announcement, the Purchaser and Astrapak have
provided warranties and indemnities to each other that are standard to a transaction of this
nature.
Johannesburg
18 June 2014
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 18/06/2014 04:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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