BRIEF-Grand Parade Investments To Sell Interest In Burger King (South Africa), Grand Foods Meat Plant

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BRIEF-Grand Parade Investments To Sell Interest In Burger King (South Africa), Grand Foods Meat Plant
Credit: © Reuters.

Feb 19 (Reuters) - Grand Parade Investments Ltd GPLJ.J :

* DISPOSAL OF INTEREST IN BURGER KING (SOUTH AFRICA) RF PROPRIETARY LIMITED AND GRAND FOODS MEAT PLANT

* EQUITY VALUE OF BKSA SHALL BE BASED ON AN ENTERPRISE VALUE OF R670 MILLION

* PROCEEDS OF DISPOSAL WILL BE RETURNED TO SHAREHOLDERS IN FORM OF A SPECIAL DIVIDEND

* OFFER WITH ECP AFRICA FUND IV WHERE CO TO SELL SHARES IN BURGER KING RF PROPRIETARY COMPRISING 95.36% OF ISSUED SHARE CAPITAL OF BKSA

* OFFER WITH ECP AFRICA FUND IV WHERE CO TO SELL ALL SHARES IN GRAND FOODS MEAT PLANT

* PURCHASE CONSIDERATION TO BE PAID BY ECP FOR BKSA SALE SHARES SHALL BE EQUITY VALUE OF BKSA MULTIPLIED BY 95.36%

* PURCHASE CONSIDERATION TO BE PAID BY ECP FOR GRAND FOODS SALE SHARES SHALL BE EQUITY VALUE OF GRAND FOODS MEAT PLANT

* EQUITY VALUE OF GRAND FOODS MEAT PLANT SHALL BE BASED ON AN ENTERPRISE VALUE OF R27 MILLION

* ALL SHAREHOLDER LOANS CO MAY HAVE AGAINST BKSA, GRAND FOODS MEAT PLANT TO BE CONVERTED TO EQUITY BEFORE CLOSING

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