PWK/PIK - Pick n Pay - Pick n Pay Regrets ACCC Appeal

PWK/PIK - Pick n Pay - Pick n Pay Regrets ACCC Appeal                           
Pick n Pay Holdings Ltd                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1981/009610/06)                                            
Share code:  PWK                                                                
ISIN: ZAE000005724                                                              
Pick n Pay Stores Ltd                                                           
(Incorporated in the Republic of South Africa)                                  
(Registration number 1968/008034/06)                                            
Share code:  PIK                                                                
ISIN: ZAE000005443                                                              
PICK N PAY REGRETS ACCC APPEAL                                                  
Pick n Pay today responded to the decision by the ACCC to appeal against the    
Federal Court`s judgment dismissing the ACCC`s application to prevent Metcash   
from acquiring the Franklins supermarket business.                              
The Chairman of Pick n Pay, Gareth Ackerman, said:  "We are deeply disappointed 
by the ACCC`s decision to appeal the Federal Court`s judgment given the Federal 
Court comprehensively dismissed each of the arguments presented by the ACCC in  
its case."                                                                      
"In fact, the Federal Court found the sale would strengthen the capacity of     
independent retailers operating under the IGA banner to compete more vigorously 
with the major supermarket chains."                                             
"It will take us time to fully review this decision and evaluate our options,   
however the tender process for stores conducted late last year demonstrated the 
individual stores continue to have strategic value.  We have of course          
considered the possibility that an appeal may come and have been planning for   
this eventuality."                                                              
"A protracted appeal process is likely to have a strongly negative impact on    
Franklins` already weakened financial position which has deteriorated after     
ruthless targeting by the major supermarket chains and the weak consumer        
environment generally," he said.                                                
9 September 2011                                                                
Sponsor:                                                                        
Investec Bank Limited                                                           
Date: 09/09/2011 09:23:01 Supplied by www.sharenet.co.za                     
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