BRIMSTONE INVESTMENT CORPORATION LD - Voluntary announcement regarding Brimstones disposal of a majority of its investment in the Scientific Group (Propr

Voluntary announcement regarding Brimstone’s disposal of a majority of its investment in the Scientific Group (Propr

BRIMSTONE INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/010442/06)
Share Code: BRT
ISIN Number: ZAE000015277
Share Code: BRN
ISIN Number: ZAE000015285
("Brimstone" or “the Company”)




VOLUNTARY ANNOUNCEMENT REGARDING BRIMSTONE’S DISPOSAL OF A
MAJORITY OF ITS INVESTMENT IN THE SCIENTIFIC GROUP (PROPRIETARY) LIMITED
(“SG”)


Brimstone currently holds 25.1% of SG as part of a consortium including Capitalworks Private
Equity Partnership, the trustees of the Scientific Management Trust, the trustees of the
Scientific Incentive Trust and the Scientific Investment Partnership (collectively “the
Consortium”).

The Consortium has entered into an agreement with Ascendis Health Limited (“Ascendis”) for
the disposal of 100% of the diagnostics business of SG (“SG Diagnostics”), being the majority
of the business of SG, to Ascendis (“the Disposal”). The Consortium will retain the medical
business of SG.

Brimstone shareholders are referred to the announcement released by Ascendis on SENS
today setting out the full details of the Disposal.

The Disposal will be effective on the first day of the calendar month following fulfilment of the
conditions precedent.

The consideration payable to the Consortium for the Disposal is as follows:

    -    an amount of R283 733 383 payable in cash in tranches over a period of time to
         December 2015; and

    -    a maximum amount of R100 000 000 payable in cash only to the extent a pending
         specified contract is awarded to SG Diagnostics in 2015.

It should be noted that the value of the Disposal for Brimstone is less than 5% of Brimstone’s
market capitalisation and accordingly this announcement is made voluntarily.



Cape Town

27 October 2014



Investment bank and sponsor

Nedbank Capital

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