Edition:
United Kingdom

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


Thursday, 18 Apr 2019 

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.