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AFT - Afrimat Limited - Update on the acquisition by Afrimat Limited of the Clinker Group Afrimat Limited Incorporated in the Republic of South Africa (Registration number: 2006/022534/06) Share code: AFT ISIN: ZAE000086302 ("Afrimat" or "the Company") UPDATE ON THE ACQUISITION BY AFRIMAT LIMITED OF THE CLINKER GROUP Shareholders are referred to the announcement on 12 December 2011, regarding Afrimat entering into an agreement to acquire 100% of the issued ordinary share capital of SA Block (Pty) Limited and its 100% owned subsidiary Clinker Supplies (Pty) Limited (jointly referred to as the "Clinker Group" or "Group"), for an indicative purchase consideration of R123.5 million (one hundred and twenty three million, five hundred thousand rand) ("the Purchase Consideration") from Aureos Southern Africa Fund LLC, Hans-Elisabeth Pfeffer No.1 Trust, Hans- Elisabeth Pfeffer No.2 Trust, Hans-Elisabeth Pfeffer No.3 Trust, S.A. Block Employees Trust and Karl-Anton Pfeffer (collectively, "the Sellers") ("the transaction"). Two significant outstanding conditions precedent to the transaction have now been met: * The transaction was unconditionally approved by the Competition Commission (in terms of Chapter 3 of the Competition Act 1998); and * The final purchase consideration of R121.9 million (one hundred and twenty one million and nine hundred thousand rand) was agreed to by the parties. The indicative purchase consideration was adjusted to reflect the warranted net asset value at 31 December 2011. The changes to the purchase consideration, as noted above, have no material 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 announcement and no other significant new matters have arisen that would have been required to be mentioned in the earlier announcement if they had arisen at the time of the preparation of that announcement. The acquisition shall become unconditional once all closing date administrative matters have been finalised. The acquisition will enable Afrimat to gain a foothold in the clinker supply market and concrete manufacturing industry in line with Afrimat`s diversification strategy. Clinker, the main product supplied by the Clinker Group, has unique advantages to manufacturers of concrete products. Further announcements will be made once the transaction becomes unconditional. Johannesburg 7 March 2012 Sponsor: Bridge Capital Advisors (Pty) Limited Date: 07/03/2012 15:45:01 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.
