Disposal of New Clicks Australia Proprietary Limited ("NCA")
Release Date: 2004/02/17
Further to the announcement dated 5 January 2004, Investec Bank Limited is authorised to announce that the conditions precedent to the agreement, in terms of which NCH and its wholly owned subsidiary, New Clicks International Holdings NV (together “New Clicks”), agreed to dispose of New Clicks’ interest in NCA (“the disposal”) to Synapse Holdings (Proprietary) Limited, a company owned by a consortium of private equity funders, have been met. Accordingly, the disposal has become unconditional.
In accordance with section 3.59 of the Listings Requirements of the JSE Securities Exchange South Africa, shareholders are advised that Mr Jeff Sher has resigned as executive director of NCH with effect from 13 February 2004. It was previously indicated that Mr Sher would resign on the completion of the sale agreement.