SHOPRIT:  16,462   +151 (+0.93%)  24/05/2019 00:00

Shoprite Says Titan To Acquire Co's Ordinary Shares Held By Thibault

April 18 (Reuters) - Shoprite Holdings Ltd:

* DETAILED TERMS OF THE PROPOSED TRANSACTION WITH THE SHOPRITE DEFERRED SHARES AND A WITHDRAWAL OF CAUTIONARY

* CO ENTERED INTO TRIPARTITE AGREEMENT WITH THIBAULT SQUARE FINANCIAL SERVICES PROPRIETARY LTD, TITAN PREMIER INVESTMENTS PROPRIETARY

* PROPOSED TRANSACTION WILL BE IMPLEMENTED THROUGH SPECIFIC ISSUE OF 20 MILLION NEW SHOPRITE HOLDINGS SHARES TO TITAN

* TITAN TO ACQUIRE SHOPRITE HOLDINGS ORDINARY SHARES HELD BY THIBAULT

* PROPOSED TRANSACTION WILL BE SUBJECT TO STANDARD WARRANTIES AND CONSIDERATION SHARES WILL BE SUBJECT TO A 180-DAY LOCK-UP PERIOD

* PROPOSED TRANSACTION EXPECTED TO RESULT IN POTENTIAL ONCE-OFF REDUCTION IN EARNINGS, HEADLINE EARNINGS OF C.R3.3 BILLION

* TOTAL SHARES IN ISSUE TO INCREASE FROM 591.3 MILLION TO 611.3 MILLION POST ISSUANCE OF CONSIDERATION SHARES, WHICH WILL AFFECT EPS, HEPS CALCULATIONS

* PROPOSED TRANSACTION NOT EXPECTED TO HAVE ANY DIRECT MATERIAL IMPACT ON FUTURE EARNINGS OR CASH FLOW OF SHOPRITE HOLDINGS

* TITAN GROUP HAS INDICATED TO SHOPRITE HOLDINGS THAT ITS INTENTION IS TO REMAIN A LONG-TERM SHAREHOLDER

* WIESE HAS INDICATED HIS INTENTION POST PROPOSED TRANSACTION TO REMAIN AS CHAIRMAN OF BOARD OF DIRECTORS OF SHOPRITE HOLDINGS Source text for Eikon: Further company coverage:

2019-04-18 13:14:06

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