Business
Kakuzi Limited
Kakuzi Limited.
About this update from Camellia Plc
[{"type":"text","content":"\n Camellia PLC\n13 April 2007\n\n\n Camellia Plc\n\n Kakuzi Limited ('Kakuzi')\n\n\n\n\n\n13th April 2007\n\n\nKakuzi, a company listed on both the Nairobi Stock Exchange and London Stock\nExchange and in which the Camellia Plc group has a 50.7% interest, has released\nthe following announcement:\n\nProposed Sale of Siret Tea Company Limited\n\nThe Directors of Kakuzi Limited ('Kakuzi') wish to advise its shareholders and\nthe public that Kakuzi is in negotiations which may lead in due course to the\nsale of the Siret Tea Estate and Factory. The proposed transaction is subject to\nthe obtaining of all necessary regulatory approvals and exemptions, including\nthe approval of the shareholders of Kakuzi at the Annual General Meeting to be\nheld on 22nd May 2007. The proposals are summarised below:\n\n1. Siret Tea Estate and Factory and its associated business will be\n transferred to Kakuzi's dormant subsidiary Siret Tea Company Limited.\n\n2. The acquisition of the shares in Siret Tea Company Limited (the 'Siret\n Shares') will be undertaken by EPK Outgrowers Empowerment Project Company\n Limited (the 'Empowerment Company'), a company mainly owned by smallholders.\n\n3. The Siret Shares will be sold over a period of up to 7 years to the\n Empowerment Company.\n\n4. It is expected that the Empowerment Company will purchase not less than\n 10% of the Siret Shares in 2007 and a minimum of 7.5% of the Siret Shares in\n each year thereafter until the Empowerment Company has acquired 49.5% of the\n Siret Shares.\n\n5. Once the Empowerment Company has acquired 49.5% of the Siret Shares, it\n will have the option to acquire the remainder of the Siret Shares as one lot.\n\nThis development may have a material effect on the value of the shares of\nKakuzi. Accordingly, shareholders are advised to exercise caution when dealing\nin the shares until a further announcement is made.\n\n\nFor further enquiries please contact Camellia Plc\nMalcolm Perkins, Chairman\n01622 746655\n13th April 2007\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]