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AND - Andulela Investment Holdings Limited - Update on the acquisition by

Release Date: 30/08/2011 12:03
Code(s): AND
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AND - Andulela Investment Holdings Limited - Update on the acquisition by Andulela of Pro Roof Steel Merchants (Proprietary) Limited ANDULELA INVESTMENT HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1950/037061/06) JSE code: AND ISIN: ZAE000125894 ("Andulela" or "the company") UPDATE ON THE ACQUISITION BY ANDULELA OF PRO ROOF STEEL MERCHANTS (PROPRIETARY) LIMITED ("Pro Roof Steel") Shareholders are referred to the previous announcements; the last of which was dated 29 July 2011, and are advised that the agreement relating to the acquisition by Andulela of Pro Roof Steel ("the transaction") was amended as follows: 1. to reflect the inclusion of Pro Roof Steel Merchants (VRN) (Pty) Limited as a subsidiary of Pro Roof Steel, which subsidiary will be acquired as part of the transaction; and 2. to introduce Pro Roof Steel Merchants (East London) (Pty) Limited as joint seller, together with the trustees of the Rafik Mohamed Family Trust, to the main sale of shares agreement. The following suspensive conditions have been amended to give effect to the aforementioned changes. SUSPENSIVE CONDITIONS: By 31 December 2011, Pro Roof Steel and/or the subsidiary companies complete and/or implement their restructure such that: - the entire shareholding interest in and claims on loan account against Pro Roof Steel (VRN) has been transferred to Pro Roof Steel, on terms and conditions acceptable to the Purchaser; and - the relevant agreements giving effect to the finance and/or security aspects comprising the Acknowledged Liability are rendered unconditional on their terms. The purchase price shall be allocated between the parties constituting the joint Sellers proportionately to their respective shareholding in Pro Roof Steel on the date immediately prior to the Effective Date. Johannesburg 30 August 2011 Corporate adviser and transaction sponsor Vunani Corporate Finance Sponsor Java Capital Trustees and Sponsors Attorneys Glyn Marais Incorporated Date: 30/08/2011 12:03:01 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.

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