IMPERIAL LOGISTICS LIMITED - Fulfilment of Conditions Precedent Relating to the Broad-Based Black Economic Empowerment Deal

Release Date: 14/12/2018 15:20
Code(s): IPL
 
Wrap Text
Fulfilment of Conditions Precedent Relating to the Broad-Based Black Economic Empowerment Deal

Imperial Logistics Limited
Incorporated in the Republic of South Africa
(Registration number: 1946/021048/06)
ISIN: ZAE000067211
Share code: IPL
(“Imperial Logistics” or “Company” or “Group”)


FULFILMENT OF CONDITIONS PRECEDENT RELATING TO THE BROAD-BASED BLACK
ECONOMIC EMPOWERMENT DEAL

Further to the SENS announcement published on 30 October 2018,
shareholders are advised that the remaining conditions precedent
relating to the subscription for 25% of the issued share capital of a
newly incorporated entity, Imperial Logistics Advance (Pty) Limited
(“Imperial Logistics Advance”), to Afropulse Group (Pty) Limited
(“Afropulse Group”) for a cash consideration of R200 million, has been
fulfilled (“the Transaction”).

The Transaction has accordingly become unconditional.

Imperial Logistics Advance is the holder of the Tanker Services Food and
Chemicals, Tanker Services Fuel and Gas and Imperial KWS Logistics
business units within Imperial Logistics South Africa Holdings (Pty)
Limited, with annual turnover of approximately R3.5 billion. The core
capability of Imperial Logistics Advance is bulk road transportation
management of liquids, gases, powders, ores and grains, which requires
specialised assets and skills. Imperial Logistics’ capabilities will be
used to complement solutions to clients in the energy, mining and
chemicals industry in South Africa.

Afropulse Group, the selected strategic broad-based black economic
empowerment partner, is a wholly black woman-owned business. As such,
the Transaction will result in Imperial Logistics Advance being a more
than 51% black-owned and more than 30% black woman-owned enterprise
contributing   to   enhancing   Imperial   Logistics’   relevance  and
competitiveness in South Africa, and that of its clients.

As a leading logistics company in South Africa and in line with its
strategic   objectives, Imperial  Logistics  remains  committed  to
transformation at all levels of the business which is critical in
retaining its market leadership, competitive advantage and social
relevance.

Bedfordview
14 December 2018


JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited

Legal advisors:
Tugendhaft Wapnick Banchetti and Partners

Date: 14/12/2018 03:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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