Tiso Blackstar Group SE Update on Conditional Disposal of Interest in KTH (3651K)
06 Luglio 2017 - 4:30PM
UK Regulatory
TIDMTBGR
RNS Number : 3651K
Tiso Blackstar Group SE
06 July 2017
Tiso Blackstar Group SE
(Incorporated in England and Wales)
(Company number SE 110)
(registered as an external company with limited liability in the
Republic of South Africa under registration number
2011/008274/10)
LSE Ticker: TBGR
JSE Share code: TBG
ISIN: GB00BF37LF46
6 July 2017
Tiso Blackstar Group SE ("Tiso Blackstar" or the "Company")
Update on Conditional disposal of 22.9% interest in Kagiso Tiso
Holdings Proprietary Limited ("KTH")
Following on from the announcement released on 13 December 2016
and 19 May 2017, the Company is pleased to announce that on 5 July
2017 it signed a share purchase agreement with KTH and Kagiso Trust
Strategic Investments Proprietary Limited ("Kagiso") whereby Kagiso
has conditionally agreed to purchase the Company's entire
shareholding of 213,235 ordinary shares in KTH constituting 22.9%
of KTH's issued ordinary share capital (excluding treasury shares),
held through its wholly owned subsidiary Tiso Blackstar Holdings SE
(previously Tiso Blackstar (Cyprus) Public Limited) (the "KTH
Purchase").
The KTH Purchase price, which is the same as previously
announced, is ZAR1.5 billion (approximately GBP88 million) and will
be paid over an 18 month period.
As per the Company's previous announcement, a portion of the
proceeds will be applied to fully repay Tiso Blackstar's term debt,
which at 30 June 2017 was ZAR407 million (GBP24 million). Tiso
Blackstar also remains intent on paying a special dividend of ZAR40
million (GBP2.3 million). The remaining funds will be held to be
reinvested into media-focused investments in accordance with Tiso
Blackstar's stated strategy.
KTH is a leading black owned diversified investment holding
company with investments in a broad range of sectors including
media, insurance and services. As at 31 December 2016, the KTH
investment was carried in Tiso Blackstar's accounts at its
estimated fair value less cost to sell of ZAR1.5 billion (then
GBP78 million) and separately disclosed as a non-current asset held
for sale. During the six months then ended, pre-tax dividends
amounting to ZAR11 million (GBP0.6 million) were received from
KTH.
The KTH Purchase is subject to the fulfilment of a number of
suspensive conditions, including:
a) Completion of KTH debt restructure;
b) Approval by the Competition Authorities in terms of the Competition Act.
c) KTH shareholder waiver of pre-emptive rights; and
d) KTH shareholder approval in terms of s115(2)(a) of the Companies Act, No71 of 2008.
For further information, please contact:
Tiso Blackstar Group +44 (0) 207
SE Leanna Isaac 887 6017
Northland Capital Tom Price, Margarita +44 (0) 203
Partners Limited Mitropoulou 861 6625
PSG Capital Proprietary +27 (0) 21
Limited David Tosi 887 9602
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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