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OCEANA GROUP LIMITED - Successful Conclusion of the Acquisition of Foodcorp Proprietary Limited

Release Date: 19/12/2014 12:40
Code(s): OCE     PDF:  
Wrap Text
Successful Conclusion of the Acquisition of Foodcorp Proprietary Limited

OCEANA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1939/001730/06)
JSE share code: OCE
NSX share code: OCG
ISIN: ZAE000025284
(“Oceana”)

SUCCESSFUL CONCLUSION OF THE ACQUISITION OF FOODCORP PROPRIETARY
LIMITED

We refer our shareholders to the announcements released on the Stock
Exchange News Service of the JSE on 4 June 2013, 7 November 2013 and
8 May 2014 in respect of Oceana's acquisition of the fishing interests 
of Foodcorp Proprietary Limited ("Foodcorp").


The Competition Commission (“Commission”) approved Oceana’s acquisition       
of Foodcorp subject to conditions which were not acceptable to both Oceana 
and Foodcorp (“the parties”).


Accordingly, the matter was referred to the Competition Tribunal (“Tribunal”)        
for consideration. The Tribunal approved the transaction subject to conditions 
which were again not acceptable to the parties. The parties chose to take the 
matter on appeal before the Competition Appeal Court. Their arguments were presented 
on 8 September 2014.


Oceana is pleased to announce that the Competition Appeal Court on 19 December 2014 
upheld Oceana’s appeal and approved the merger subject to the following conditions:


-   Foodcorp shall retain and continue to operate the Glenryck Trademark in accordance 
    with good business practice.

-   In the event of the subsequent sale of the Glenryck Trademark, Foodcorp shall notify 
    the Commission of the proposed Glenryck Purchaser (“Glenryck Purchasers” means any 
    willing and able independent third party, that elects to purchase the Glenryck Trademark      
    on terms and conditions that are acceptable to Foodcorp) and shall, to the extent 
    required by the Act or if requested to do so by the Commission, notify the proposed
    Glenryck Sale to the Commission.


19 December 2014
Cape Town

Sponsor - South Africa:      The Standard Bank of South Africa Limited

Sponsor Namibia:             Old Mutual Investment Services (Namibia)
                             Proprietary Limited

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