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CLOVER INDUSTRIES LIMITED - Clover Scheme: Competition Commission conditional approval recommendation to the Competition Tribunal

Release Date: 19/07/2019 16:48
Code(s): CLR     PDF:  
 
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Clover Scheme: Competition Commission conditional approval recommendation to the Competition Tribunal

Clover Industries Limited
(Incorporated in the Republic of South Africa)     Milco SA Proprietary Limited
(Registration number 2003/030429/06)               (Incorporated in the Republic of South Africa)
NSX Ordinary Share code: CLN                       (Registration number 2018/610365/07)
JSE Ordinary Share code: CLR                       (“Milco SA”)
ISIN: ZAE000152377                                 
(“Clover”)                                         


CLOVER SCHEME: COMPETITION COMMISSION CONDITIONAL APPROVAL RECOMMENDATION TO
THE COMPETITION TRIBUNAL

Shareholders are referred to the Stock Exchange News Service (“SENS”) announcements relating to
the acquisition by Milco SA of all the issued shares in Clover (“Clover Scheme”), the last of which was
released on SENS on 26 April 2019.

The boards of Clover and Milco SA are pleased to announce, that the Competition Commission of
South Africa has recommended to the Competition Tribunal of South Africa (“Competition Tribunal”)
that the Clover Scheme be approved subject to a number of conditions, including in particular,
conditions relating to employment and local procurement which were part of the investment case for
Milco SA. The conditions applicable to the implementation of the Clover Scheme are acceptable to
both parties. The Competition Tribunal hearing is expected to take place in the upcoming weeks.

As soon as Clover and Milco SA have certainty on the fulfilment of the remaining Clover Scheme
conditions precedent, a joint finalisation announcement will be released on SENS, setting out the
remaining salient dates and times pertaining to the implementation of the Clover Scheme.

Johannesburg
19 July 2019

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

NSX Sponsor
Merchantec Capital Namibia

Financial adviser and investment bank to Milco
Rand Merchant Bank (A division of FirstRand Bank Limited)

Financial adviser to The Central Bottling Company
HSBC

Legal adviser to Clover
Werksmans

Legal adviser to Milco
ENS Africa

Date: 19/07/2019 04:48:00
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