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AFGRI LIMITED - The Refinancing of the Broad Based BEE Transaction

Release Date: 03/12/2012 11:03
Code(s): AFR     PDF:  
Wrap Text
The Refinancing of the Broad Based BEE Transaction

AFGRI Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1995/004030/06
JSE share code: AFR ISIN: ZAE000040549
(“AFGRI” or “the Group”)


THE REFINANCING OF THE BROAD BASED BLACK ECONOMIC EMPOWERMENT (“BEE”)
TRANSACTION IMPLEMENTED IN 2004, AS REVISED IN 2010 (“BEE Transaction”)

Shareholders are referred to page 61 of the AFGRI 2012 annual integrated report wherein it was
stated that “The R533 million Land Bank loan to the Group’s BEE ownership structure (Agri Sizwe)
(“Land Bank Loan”), reflected as borrowings in 2011, matures on 30 November 2012 and as such an
amount of R554 million has been reclassified as other current liabilities in the current year. The Group
is currently assisting in negotiating a refinancing of the BEE ownership structure.”

Shareholders are hereby advised that:
- the negotiations regarding the refinancing of the BEE ownership structure are ongoing;
- the Land and Agricultural Development Bank of South Africa (“Land Bank”) has in the interim
   extended the maturity date of the Land Bank Loan in terms of the agreements previously
   approved by shareholders as part of the BEE Transaction;
- the Land Bank Loan and the Group’s BEE ownership structure is continuing in terms of the BEE
   Transaction, previously approved by shareholders, until such date as the negotiations
   surrounding the refinancing are finalised; and
- a further announcement regarding the refinancing of the BEE ownership structure will be made as
   soon as the material terms of the refinancing have been agreed between the parties.

Johannesburg
3 December 2012

Investment Bank and Sponsor to Afgri - Investec
Legal advisor tp AFGRI - Brink Falcon Hume
Independent Auditors - PWC
Tax Advisor - KPMG
Legal Advisor to the BEE Consortium - Van der Merwe Attorneys              
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