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AVI - Avi Limited - Disposal of Denny Mushrooms (Proprietary) Limited ("DENNY") by AVI AVI Limited (Incorporated in South Africa) (Registration number: 1944/017201/06) ISIN Code: ZAE000049433 JSE Code: AVI ("AVI" or "the Company VOLUNTARY ANNOUNCEMENT DISPOSAL OF DENNY MUSHROOMS (PROPRIETARY) LIMITED ("DENNY") BY AVI Shareholders are advised that AVI has entered into an agreement in terms of which it will sell 100% of the issued share capital of and AVI`s shareholder claims against Denny to Blue Falcon 134 Trading (Proprietary) Limited ("Blue Falcon") ("the transaction"). Blue Falcon`s shareholders include RMB Ventures Six (Proprietary) Limited, an indirect subsidiary of FirstRand Limited, which holds a 49.9% interest therein, and Denny`s executive management team. Denny is the leading producer of fresh, canned and value added mushroom products in South Africa, with a market share exceeding 50%. While Denny is a sound business with the leading national brand in the fresh and canned mushroom categories, the importance of branding in the "fresh to market" produce segment in general and in the fresh mushroom segment in particular has declined over the past several years and this category is no longer strategically aligned to AVI`s growth ambitions. The effective date of the transaction is 1st July 2011. The transaction is subject to the fulfilment of certain conditions precedent including the unconditional approval of the South African Competition Authorities in terms of the Competition Act no. 89 of 1998, as amended. Transaction details will be communicated at the group`s year-end presentation to be held on the 5th September 2011. Denny will be disclosed as a discontinued operation in AVI`s results for the year ended 30 June 2011 and comparatives for the year ended 30 June 2010 will be restated accordingly. This will impact the previously disclosed earnings per share from continuing operations as follows: Year ended 30 June 2010 Previously Revised disclosed
Headline earnings per 198.7 189.4 ordinary share Earnings per ordinary share 197.0 187.5 The expected percentage increases in earnings per share from continuing operations for the year ended 30 June 2011 remain the same as communicated in AVI`s trading update on 22 June 2011. 13 July 2011 Illovo Johannesburg Sponsor Standard Bank Date: 13/07/2011 09:04:00 Supplied by www.sharenet.co.za 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.
