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BRIEF-Sacoil buys operations of Belton Park for up to 220 mln rand
October 2, 2017 / 8:23 AM / 17 days ago

BRIEF-Sacoil buys operations of Belton Park for up to 220 mln rand

Oct 2 (Reuters) - SACOIL HOLDINGS LTD:

* ‍ACQUISITION OF ASSETS AND OPERATIONS OF BELTON PARK TRADING AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT​

* ‍TO ACQUIRE OPERATIONS OF BELTON PARK FOR MAXIMUM CONSIDERATION OF R220 MILLION, CONTINGENT ON CERTAIN PERFORMANCE PARAMETERS​

* SACOIL INTEND TO FUND CASH COMPONENT OF CONSIDERATION FROM PROCEEDS OF A RIGHTS ISSUE TO BE UNDERTAKEN BY COMPANY

* ‍INTENDS CAPITAL RAISE WITHIN NEXT 3 MONTHS TO BE IMPLEMENTED BY WAY OF ALLOTMENT AND ISSUE OF SACOIL ORDINARY SHARES PURSUANT TO RIGHTS ISSUE​

* ‍INITIAL CONSIDERATION OF R100 MILLION WILL BE SETTLED IN CASH, FIVE BUSINESS DAYS AFTER MONTH END IN WHICH ALL CONDITIONS PRECEDENT HAVE BEEN FULFILLED​

* ‍COMPLETION OF ACQUISITION IS ANTICIPATED TO OCCUR BY NO LATER THAN 31 DECEMBER 2017​ Source text for Eikon: Further company coverage:

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