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AVI - AVI Limited - Disposal of the Real Juice Co. Holdings Proprietary Limited

Release Date: 31/05/2012 15:51
Code(s): AVI
Wrap Text

AVI - AVI Limited - Disposal of the Real Juice Co. Holdings Proprietary Limited ("RJC") to Clover S.A. Proprietary Limited ("Clover") AVI Limited (Incorporated in South Africa) (Registration number: 1944/017201/06) ISIN Code: ZAE000049433 JSE Code: AVI ("AVI" or "the Group") DISPOSAL OF THE REAL JUICE CO. HOLDINGS PROPRIETARY LIMITED ("RJC") TO CLOVER S.A. PROPRIETARY LIMITED ("CLOVER") Shareholders are advised that AVI has entered into an agreement in terms of which Clover, a subsidiary of Clover Industries Limited, will acquire 100% of the equity in and shareholders` loans against RJC for an enterprise consideration of R60 million ("the Transaction"). The Transaction is not a categorised transaction in terms of the Listings Requirements of the JSE Limited. RJC is a leading producer of fresh fruit juices, nectars and concentrates sold under the Quali and Real Juice brands predominantly in the Eastern, Western and Northern Cape. Participation in the juice category is not strategically aligned to AVI`s future growth ambitions. The only condition precedent to which the Transaction is subject is the approval of the South African Competition Authorities in terms of the Competition Act no. 89 of 1998, as amended. The Transaction will become effective on the last day of the month following the receipt of such approval. Further details relating to the Transaction will be communicated at the Group`s year-end results presentation to be held during September 2012. RJC will be disclosed as a discontinued operation in AVI`s results for the year ended 30 June 2012 and comparatives for the year ended 30 June 2011 will be restated accordingly. RJC`s consolidated results for the twelve months ended 30 April 2012 were: R`m Revenue 150,8 Operating profit 5,8 Operating profit after taxation 4,2 of 28% 31 May 2012 Illovo, Johannesburg Sponsor: The Standard Bank of South Africa Limited Date: 31/05/2012 15:51:01 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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