Introduction and overview of the Acquisition
Super Group has concluded an agreement with:
The purchaser is Super Group (UK Investments) Limited, a wholly owned subsidiary of Bluefin Investments Limited, a Super Group Company. Both Super Group (UK Investments) Limited and Bluefin Investments Limited are registered in Mauritius.
Super Group has concluded an agreement with Camden Ventures Limited and Camden Motors (Holding) Limited (Camden Companies) giving Super Group a call option to purchase eight strategic freehold or leasehold properties leased by Allen Ford from the Camden Companies (the Properties Acquisition). Should Super Group exercise the call option on any of the properties, the purchaser will be one of Super Group (UK Investments) Limited, Allen Ford or a Super Group subsidiary company to be formed in the UK. The Allen Ford Acquisition and the Properties Acquisition constitutes the Transaction.
Note: the exchange rate used in this document is GBP1 = ZAR17,8760.
Super Group’s strategy over the past five years has been to make selective acquisitions in its core businesses namely Supply Chain, Fleet Management and Dealerships in South Africa and internationally. The acquisition of Allen Ford is in line with this strategy and represents an opportunity for the Group to build a dealership business in the third largest car market in the world. The Group has had a policy of owning dealership properties in strategic locations in South Africa. The purchase of the properties in the UK is in line with this policy.
The transaction remains subject to the following conditions precedent:
The effective date of the Allen Ford Acquisition is subject to the conditions precedent being met and is expected to be around 1 December 2014. The Properties Acquisition is expected to be completed shortly thereafter.
|The Acquisition of Allan Ford||PDF (27KB)|