Brief: Fairfax Africa announces partial offer to acquire shares of PPC Limited

Helios Fairfax Partners

04/09/2017 17:12

Sept 4 (Reuters) - Fairfax Africa Holdings Corp  FAHu.TO : 
    * Fairfax Africa announces partial offer to acquire shares 
of PPC Limited and support of proposed merger with AfriSam group 
proprietary limited through recapitalization transaction 
    * Partial offer to acquire shares of PPC representing a 
value of R2 billion for cash consideration of R5.75 (about 
$0.44) per ordinary share 
    * Unit submitted letter to board of PPC Limited to make 
partial offer to acquire shares of PPC representing value of R2 
billion 
    * Fairfax Africa received irrevocable support of PIC, 
Phembani, AfriSam regarding partial offer, recapitalisation and 
merger 
    * Consideration for partial offer will be settled by FSA in 
cash 
    * FSA would hold approximately 23% of outstanding shares of 
PPC prior to consummation of merger 
    * FSA entered into non-revolving term letter of credit 
facility, available by way of letter of credit in amount of R2 
billion 
    * Upon completion of offer, Fairfax consortium would hold 
about 38.6% of outstanding shares of combined company 
 
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Further company coverage:  FAHu.TO   PPCJ.J  
 
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