SABMiller PLC Concludes the Disposal of its Entire Interest in Tsogo Sun
29 Aug 2014 --- SABMiller PLC announces that its wholly owned subsidiary, SABSA Holdings Limited, has now completed the disposal of its entire shareholding in Tsogo Sun Holdings Limited (“Tsogo Sun”) through a combination of:
- a placing of 293,896,315 ordinary shares at a price of ZAR25.75, which settled on 28 July 2014;
- a sale of 7,776,990 ordinary shares at a price of ZAR25.75 to members of Tsogo Sun’s executive management team, which settled on 12 August 2014; and
- a repurchase by Tsogo Sun of SABMiller’s remaining 133,584,599 ordinary shares, at a price of ZAR20.96, which settled on 28 August 2014 following the satisfaction of all conditions precedent, including the approval of Tsogo Sun’s shareholders.
The total gross proceeds received from the above transactions were ZAR 10.6billion (US$ 1.0billion).
Following these disposals, SABMiller no longer holds any ordinary shares in Tsogo Sun and accordingly the Tsogo Sun board has been restructured, with SABMiller’s representatives on the board, Malcolm Wyman, Jamie Wilson and John Davidson, together with Tsogo Sun’s deputy chairman, Jabu Mabuza, all having resigned from the Tsogo Sun board on 28 August 2014.
