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Acquisition by Autopage of Nashua Mobile's Cell C subscriber base
Allied Electronics Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1947/024583/06)
Share code: ATN ISIN: ZAE000029658
Share Code: ATNP ISIN: ZAE000029666
("Altron")
ACQUISITION BY ALTECH AUTOPAGE CELLULAR PROPRIETARY LIMITED
(“AUTOPAGE”) OF NASHUA MOBILE PROPRIETARY LIMITED’S (“NASHUA
MOBILE”) CELL C SUBSCRIBER BASE
Shareholders are advised that Autopage, a wholly owned subsidiary of Altron has
entered into a sale agreement with Nashua Mobile whereby Nashua Mobile will
dispose of its Cell C subscriber base, comprising of around 65 000 subscribers to
Autopage for a purchase consideration of approximately R91.5 million plus VAT
(“the transaction”).
The purchase consideration for the transaction will be subject to a formula based
adjustment depending on various factors (including ARPU, churn and bad debts)
associated with Nashua Mobile’s Cell C subscriber base between the date of
fulfillment or waiver of the last of the conditions precedent to the transaction
(“effective date”) and the expiry of a six calendar month period thereafter. The
purchase consideration, which can never exceed R95.75 million plus VAT, will be
payable by Autopage to Nashua Mobile, 50% on the effective date and the
balance after the expiry of the aforesaid six calendar month period.
The transaction between Autopage and Nashua Mobile will be subject to certain
conditions precedent, which will include, among others, the unconditional
approval of the Competition Authorities.
The detailed terms and conditions applicable to the transaction are more fully
described in the announcement released by Reunert Limited (Nashua Mobile’s
listed holding company) on SENS, contemporaneously herewith.
Shareholders will be notified once the last of the conditions precedent to the
transaction have been fulfilled, or waived, as the case may be.
Johannesburg
26 May 2014
Investment Bank and Sponsor
Investec Bank
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