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Implementation of The Bevcan Nigeria Disposal
NAMPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/008070/06)
Ordinary Share Code: NPK
Ordinary share ISIN: ZAE000322095
6.0% Preference Share Code: NPKP ISIN: ZAE000004958
6.5% Preference Share Code: NPP1 ISIN: ZAE000004966
LEI: 3789003820EC27C76729
("Nampak" or "Company")
IMPLEMENTATION OF THE BEVCAN NIGERIA DISPOSAL
Shareholders are referred to the announcement released on SENS on 28 June 2024
regarding the results of the general meeting whereby shareholders approved the
disposal of the entire issued share capital of Nampak Bevcan Nigeria Limited
("Bevcan Nigeria") and the loans advanced by Nampak Nigeria Holdings Limited to
Bevcan Nigeria (the "Disposal") and the subsequent announcement released on 2
September 2024 where shareholders were advised that the merger application
regarding the Disposal had been submitted to The Federal Competition and Consumer
Protection Commission in Nigeria for assessment.
Nampak is pleased to advise shareholders that all conditions precedent and
regulatory approvals required under the share purchase agreement concerning the
Disposal have now been fulfilled and consequently the transaction has been
concluded.
The effective date of the Disposal is 31 January 2025 ("Effective date"). On the
Effective date, $58.2 million of the anticipated final purchase price of $68.2
million (excluding cash held at Bevcan Nigeria on completion) is payable in cash.
The payment of $58.2 million has been confirmed. The balance of approximately
$10.0 million (representing historic trade payables with Nampak International
Limited) will be payable with interest by the 7 February 2025. This will be
subject to a final working capital reconciliation to be determined and finalised
in accordance with the process contained in the share purchase agreement. The
closing date of the disposal will be 3 February 2025.
This is a material milestone in deleveraging the group's financial position, a
reduction in the group's historic risk profile and a positive step change to the
leverage ratio. This allows for the refocusing of the group's efforts on the core
Metals Group and in so doing unlocking further shareholder value.
Bryanston
31 January 2025
Transaction Sponsor:
PSG Capital
Date: 31-01-2025 07:05:00
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