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ESR - Esorfranki Limited - Final Payment In Respect Of the Acquisition of Patula

Release Date: 17/09/2009 10:59:01      Code(s): ESR
ESR - Esorfranki Limited - Final Payment In Respect Of the Acquisition of Patula
Construction (Pty) Limited ("Patula") and Change To Directors` Shareholdings    
ESORFRANKI LIMITED                                                              
(formerly Esor Limited)                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1994/000732/06)                                           
JSE code: ESR                                                                   
ISIN: ZAE000133369                                                              
("Esorfranki" or "the company")                                                 
FINAL PAYMENT IN RESPECT OF THE ACQUISITION OF PATULA CONSTRUCTION (PTY) LIMITED
("PATULA") AND CHANGE TO DIRECTORS` SHAREHOLDINGS                               
In terms of the Patula acquisition announcement, dated 22 September 2008, a     
final maximum payment ("final payment") of R190 million would be payable to the 
Patula vendors in the event that the Patula Group achieved its February 2009    
profit warranty. In terms of the agreement, 60% of the final payment is to be   
discharged in cash and the balance settled through the issue of 12 666 667      
Esorfranki shares at an issue price at the greater of R6.00 per share and the 30
days VWAP at which the Esorfranki shares traded preceding the date upon which   
the February 2009 profit warranty was finally agreed.                           
The Patula Group reached its 2009 profit warranty and accordingly in terms of   
the final payment, the following Esorfranki shares have been issued to the      
Patula vendors, who are either directors of the company or of Patula:           
Name of director:               AC Brookstein                                   
Company:                        Patula                                          
Number of shares:               4 940 000                                       
Price per share:                R6.00                                           
Total value:                    R29 640 000                                     
Interest:                       Direct beneficial                               
Name of director:               M Mathabathe                                    
Company:                        Esorfranki                                      
Number of shares:               3 800 000                                       
Price per share:                R6.00                                           
Total value:                    R22 800 000                                     
Interest:                       Direct beneficial                               
Name of director:               R Maynard                                       
Company:                        Patula                                          
Number of shares:               3 040 000                                       
Price per share:                R6.00                                           
Total value:                    R18 240 000                                     
Interest:                       Direct beneficial                               
Name of director:               MG Rippon                                       
Company:                        Patula                                          
Number of shares:               886 667                                         
Price per share:                R6.00                                           
Total value:                    R5 320 002                                      
Interest:                       Direct beneficial                               
Sandton                                                                         
17 September 2009                                                               
Sponsor                                                                         
Vunani Corporate Finance                                                        
Date: 17/09/2009 10:59:01 Supplied by www.sharenet.co.za                     
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