CULLINAN - FINALISATION OF THE ACQUISITION OF KARRIMOR INTERNATIONAL

FINALISATION OF THE ACQUISITION
CULLINAN HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 01/01808/06)
("CULLINAN")
KARRIMOR
(INCORPORATED IN THE UNITED KINGDOM)
(REGISTRATION NUMBER 506817)
("KARRIMOR INTERNATIONAL)

FINALISATION OF THE ACQUISITION OF KARRIMOR INTERNATIONAL BASED IN THE UNITED
KINGDOM
1.  INTRODUCTION

FURTHER TO THE ANNOUNCEMENT DATED 13 JANUARY 1999, STANDARD CORPORATE AND
MERCHANT BANK IS AUTHORISED TO ANNOUNCE THAT THE CONDITIONS PRECEDENT WITH
RESPECT TO THE ACQUISITION OF 83,3% OF KARRIMOR INTERNATIONAL ("THE

ACQUISITION") HAVE BEEN FULFILLED AND THAT THE ACQUISITION HAS BEEN FULLY
IMPLEMENTED.
2. AMENDMENT OF PURCHASE CONSIDERATION

THE PURCHASE CONSIDERATION FOR 100% OF THE SHARE CAPITAL OF KARRIMOR

INTERNATIONAL HAS BEEN REVISED DOWNWARDS FROM  5,2 MILLION TO  4,2 MILLION AND
 1 MILLION WILL NOW BE INJECTED INTO THE BUSINESS AS A CAPITAL INJECTION.
CULLINAN WILL PAY 83,3% OF THE PURCHASE CONSIDERATION AND THE CAPITAL INJECTION
3. CIRCULAR

A CIRCULAR SUBJECT TO THE APPROVAL OF THE JOHANNESBURG STOCK EXCHANGE,
CONTAINING FURTHER DETAILS OF THE ACQUISITION WILL BE POSTED TO SHAREHOLDERS IN
DUE COURSE.
JOHANNESBURG
3 MARCH 1999
MERCHANT BANK
SCMB
STANDARD CORPORATE AND MERCHANT BANK

(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED)
(REGISTRATION NUMBER 62/00738/06)
INTERNATIONAL LEGAL ADVISER
MAITLAND & CO, LONDON
SPONSORING BROKER
STANDARD EQUITIES (PTY) LIMITED
(REGISTRATION NUMBER 72/08305/07)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)