SSK - Stefanutti Stocks Holdings Limited - Update on the acquisition by

SSK - Stefanutti Stocks Holdings Limited - Update on the acquisition by         
Stefanutti Stocks Holdings Limited of Cycad Pipelines (Proprietary) Limited     
Stefanutti Stocks Holdings Limited                                              
(Registration number 1996/003767/06)                                            
Share code: SSK  ISIN: ZAE000123766                                             
("the Company")                                                                 
UPDATE ON THE ACQUISITION BY STEFANUTTI STOCKS HOLDINGS LIMITED OF CYCAD        
PIPELINES (PROPRIETARY) LIMITED ("CYCAD PIPELINES") ("THE TRANSACTION")         
Shareholders are referred to the announcement, the Reviewed Condensed           
Consolidated Interim Results for the six months ended 31 August 2011 and the    
update regarding the Competition Tribunal`s approval being granted for the      
Transaction published on SENS on 20 June 2011, 15 November 2011 and 15          
December 2011 respectively, regarding its wholly owned subsidiary Stefanutti    
Stocks Proprietary Limited ("Stefanutti Stocks"), having entered into an        
agreement to acquire the entire issued share capital of Cycad Pipelines and     
its related property holding companies.                                         
Shareholders are advised that there has been a change to the terms of the       
Transaction, which revised terms are set out below:                             
*    Subsequent to the cancellation of a material contract of Cycad             
Pipelines, it was agreed between Stefanutti Stocks and the Sellers that     
    the purchase consideration of the Transaction be reduced by R30 000 000     
    from R298 000 000 to R268 000 000;                                          
*    To the extent Cycad Pipeline`s profit after tax for the financial year     
ending 28 February 2013 exceeds R50 000 000 ("the Excess"), the Excess      
    will become payable to the Sellers but limited to a maximum amount of       
    R30 000 000; and                                                            
*    The implementation date of the Transaction is 1 March 2012.                
The changes to the terms as noted above have no impact on the pro forma         
financial effects of the Transaction. Save as disclosed above, there has been   
no significant change affecting any matter contained in the earlier             
announcements and no other significant new matters have arisen that would       
have been required to be mentioned in the earlier announcements if they had     
arisen at the time of the preparation of those announcements.                   
Shareholders are thus advised that all the conditions precedent to the          
Transaction have now been fulfilled and the transaction is now unconditional.   
Johannesburg                                                                    
7 March 2012                                                                    
Sponsor and Transaction Advisor: Bridge Capital Advisors (Pty) Limited          
Attorneys to Stefanutti Stocks: Webber Wentzel                                  
Date: 07/03/2012 08:30:06 Supplied by www.sharenet.co.za                     
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