The Shoprite related call options have been exercised, we all know that, but will this actually come about? The options were exercised before the brown stuff hit the fan.
The implementation of the investment in Shoprite is subject to a number of conditions
precedent as set out in the Pre-listing Statement, which include, inter alia, merger filings with
various African Competition Authorities. To this end, the filings are being completed and will
be submitted to the relevant authorities in the foreseeable future.
Shareholders will be informed once all the conditions precedent for the implementation of the
transaction have been met.
Steinhoff Africa Retail Limited - Update On Shoprite Call Options
Release Date: 15/12/2017 14:20:00 Code(s): SRR Email this JSE Sens Item to a Friend Printer Friendly Version
Update On Shoprite Call Options
Steinhoff Africa Retail Limited
(Previously K2017221869 (South Africa) Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share Code: SRR
ISIN: ZAE000247995
(“STAR” or the “Company”)
UPDATE ON SHOPRITE CALL OPTIONS
Shareholders are referred to STAR’s previous announcement dated 30 November 2017
pertaining to the exercise of call option agreements with PIC, Lancaster, Titan and Lavender
Sky (“call options”) to acquire approximately 23.1% economic interest in, and approximately
50.6% voting control of Shoprite, which call option agreements are subject to certain
conditions precedent.
The STAR board received confirmation from Titan which confirms that the call option
agreement with Titan will not be capable of implementation and will not become
unconditional. This means that the Lavender Sky call option agreement will also terminate.
As a result, the STAR board will therefore not be able to implement the call options pertaining
to Titan and Lavender Sky.
The STAR board will enter into discussions with the remaining parties in respect of their call
option agreements to assess the way forward.
Stellenbosch
15 December 2017