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CLR\CLRP - Clover Industries Limited - Clover S.A. Proprietary Limited

Release Date: 31/05/2012 17:06
Code(s): CLR CLRP
Wrap Text

CLRCLRP - Clover Industries Limited - Clover S.A. Proprietary Limited acquisition of the Real Juice CO. from Avi Limited CLOVER INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 2003/030429/06) Ordinary Share code: CLR ISIN: ZAE000152377 Preference Share Code: CLRP ISIN: ZAE000152385 ("Clover" or "the Company") CLOVER S.A. PROPRIETARY LIMITED ACQUISITION OF THE REAL JUICE CO. FROM AVI LIMITED The Company`s shareholders are advised that Clover S.A. Proprietary Limited (a wholly owned subsidiary of the Company) ("Clover S.A.") has entered into an agreement in terms of which Clover S.A. will acquire from AVI Limited 100% of the equity in and shareholders` loans against The Real Juice Co Holdings (Pty) Ltd ("RJC") for a purchase consideration of R60 million. Currently RJC is a leading producer of fresh fruit juices, nectars and concentrates sold under the Quali and Real Juice brands in the Eastern, Western and Northern Cape. The transaction is subject to 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 first day of the month following the month in which such approval has been received. Johann Vorster, Clover`s Chief Executive, commented: "This acquisition is in line with our strategy to take advantage of our low gearing and strong cash generation to expand Clover`s portfolio of value added and branded beverages products. RJC enjoys strong brand recognition in the Cape region and we believe that efficiencies can be unlocked through Clover`s extensive sales and distribution network." ENQUIRIES Clover Industries Limited +27 (0) 11 471 1702 Johann Vorster - Chief +27 (0) 82 462 0083 Executive Manie Roode - Deputy Chief +27 (0) 82 466 7848 Executive College Hill +27 (0) 11 447 3030 Frederic Cornet +27 (0) 83 307 8286 Morne Reinders +27 (0) 82 815 1844 Johannesburg 31 May 2012 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 31/05/2012 17:06:01 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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