Fulfilment of conditions precedent to the acquisition of certain commercially viable assets of Jet
THE FOSCHINI GROUP LIMITED
Reg. No.: 1937/009504/06
Code : TFG
ISIN : ZAE000148466
(“TFG” and “Company)
FULFILMENT OF CONDITIONS PRECEDENT TO THE ACQUISITION OF CERTAIN COMMERCIALLY
VIABLE ASSETS OF JET
Shareholders of TFG ("Shareholders") are referred to the Company’s SENS
announcement on 17 August 2020 in which Shareholders were advised that on 14 August
2020, TFG had successfully negotiated and concluded a sale of assets agreement
(“Agreement”) with Edcon Limited and its Business Rescue Practitioners to acquire
certain commercially viable stores and selected assets of JET in South Africa
2. Fulfilment of conditions precedent
Shareholders are hereby notified that all conditions precedent to the Proposed
Transaction as set out in the Agreement have either been fulfilled or waived, as
the case may be. Accordingly, the Proposed Transaction, including the transfer of
382 South African JET stores and approximately 4,800 employees, is now
unconditional in accordance with the terms of the Agreement and was implemented
with an effective date of 25 September 2020.
Shareholders are further advised that the acquisition by TFG of the JET stores and
assets located within the Republic of Botswana, the Republic of Namibia, the
Kingdom of Lesotho and the Kingdom of eSwatini, remain subject to satisfactory
fulfilment or waiver, as the case may be, of conditions precedent including, inter
alia, approval by regulatory authorities in these jurisdictions.
25 September 2020
UBS South Africa Proprietary Limited
Date: 25-09-2020 10:00:00
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