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TAS - Taste Holdings Limited - Voluntary announcement regarding the potential

Release Date: 08/12/2011 08:59
Code(s): TAS
Wrap Text

TAS - Taste Holdings Limited - Voluntary announcement regarding the potential investment by Brimstone Investment Corporation Limited in Taste TASTE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/002239/06) JSE code: TAS ISIN: ZAE000081162 ("Taste" or "the company") VOLUNTARY ANNOUNCEMENT REGARDING THE POTENTIAL INVESTMENT BY BRIMSTONE INVESTMENT CORPORATION LIMITED ("BRIMSTONE") IN TASTE Taste is pleased to announce that Brimstone has agreed to subscribe for 24 million ordinary shares in the authorised share capital of Taste at an issue price of R1.54 per share, resulting in an aggregate subscription price of R36.96 million ("the vendor consideration placing"). The vendor consideration placing price equates to a 7.6% discount to the 30 business day weighted average traded price prior to the date on which the placing was authorised by the board of Taste. Pursuant to the vendor consideration placing, Brimstone will hold 12.4% of the Taste ordinary shares in issue. The vendor consideration placing will be used by Taste to partially fund the acquisition by its wholly owned subsidiary, Buon Gusto Cuisine (Pty) Limited, of the business operated under the name The Fish & Chip Co. from The Traditional Fish & Chips (Pty) Limited ("the acquisition"), as announced on 8 November 2011. The vendor consideration placing is conditional upon the acquisition becoming unconditional. As Brimstone is a black controlled and managed investment company incorporated and domiciled in South Africa, this investment will increase Taste`s level of black ownership significantly. Brimstone seeks to achieve above average returns for its shareholders by investing in wealth creating businesses, predominantly in defensive clusters including food, healthcare and financial services. It enters into long-term strategic alliances to which it contributes capital, innovative ideas, management expertise, impeccable empowerment credentials and a values driven corporate identity. These business objectives and values, combined with Brimstone`s desire to have a positive social impact, are closely aligned with the values and objectives of Taste, particularly the impact of franchising on job creation and skills transfer. Consequently, the board of Taste has invited Brimstone to nominate a board member once the acquisition has become effective. Johannesburg 8 December 2011 Sponsor Vunani Corporate Finance Date: 08/12/2011 08:59:01 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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