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PWK/PIK - Pick n Pay Holdings Limited - Update on proposed sale of Franklins to

Release Date: 20/09/2011 11:05
Code(s): PWK PIK
Wrap Text

PWK/PIK - Pick n Pay Holdings Limited - Update on proposed sale of Franklins to Metcash Pick n Pay Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1981/009610/06) Share code: PWK ISIN code: ZAE000005724 Pick n Pay Stores Limited (Incorporated in the Republic of South Africa) (Registration number: 1968/008034/06) Share Code: PIK ISIN code: ZAE000005443 UPDATE ON PROPOSED SALE OF FRANKLINS TO METCASH Pick n Pay today welcomed the Federal Court of Australia`s decision to dismiss the Australian Competition and Consumer Commission`s (ACCC) application for a temporary injunction to prevent Metcash from completing its acquisition of Franklins, pending the outcome of the ACCC`s appeal. The Court also granted an expedited timetable for the appeal hearing with a three day hearing scheduled to commence on 24 October 2011. As a result, Pick n Pay and Metcash are free to agree to waive the condition requiring ACCC approval and complete the sale of Franklins to Metcash. To this end, Pick n Pay and Metcash will now consider whether to complete the sale prior to the outcome of the appeal. The Chairman of Pick n Pay, Gareth Ackerman, said: "We have consistently maintained that the sale of Franklins to Metcash would deliver the best outcome for Pick n Pay and its shareholders, Franklins` employees and Australian consumers generally. "From the outset we have been confident in the merits of our legal arguments and our position was vindicated by the comprehensive judgment in our favour in the Federal Court late last month. We are optimistic the appeal court will reach a similar conclusion. "The successful exit of our Australian investment stands to realise significant capital which Pick n Pay can then redeploy to other parts of the business." For more information please contact: Tamra Veley on +27 83 251 3658 By order of the board Cape Town 20 September 2011 Sponsor: Investec Bank Limited Date: 20/09/2011 11:05:02 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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