+++++++++++++++++++++++++ Brandrill Limited (Brandrill) is pleased to announce that it has entered an Agreement for the sale of its wholly owned subsidiary Brandrill South Africa (Pty) Ltd (BDSA) to Intresco Limited (Intresco). BDSA's main asset is its 51% investment in the major South African mining contracting business, Brandrill Torrex (Pty) Ltd (BTX). Intresco is the investment holding company of a group of South African investors who already have interests in the South African mining industry.
The anticipated completion date for the sale transaction is end of March 2003. The agreement is subject to satisfaction of several conditions precedent, including the approval of South African Competition Tribunal and consent from lenders to Brandrill and BDSA, but is not subject to further due diligence by Intresco.
The realisation price is subject to normal completion adjustments, and is consistent with the level assumed in the preparation of the Prospectus. Although the cash return to Brandrill from the sale will be subject to adjustments and to fluctuations in the Rand exchange rate, completion of the sale agreement is expected to allow a substantial reduction in Brandrill's interest bearing debt and obligations to creditors.
Mr Ken Perry, Managing Director of Brandrill said that the sale agreement represented the second leg of Brandrill's restructuring plan following the successful completion of its $12.9 million capital raising in December 2002.
For further information: Ken Perry, MANAGING DIRECTOR Mathew Whyte, COMPANY SECRETARY Telephone: + 61 8 9531 1777
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