Clover - Competition Commission approval
Shareholders are referred to the Stock Exchange News Service ("SENS") announcements relating to the acquisition by Milco SA of all the issued shares in Clover ("Clover Scheme"), the last of which was released on SENS on 26 April 2019.
The boards of Clover and Milco SA are pleased to announce, that the Competition Commission of South Africa has recommended to the Competition Tribunal of South Africa ("Competition Tribunal") that the Clover Scheme be approved subject to a number of conditions, including in particular, conditions relating to employment and local procurement which were part of the investment case for Milco SA. The conditions applicable to the implementation of the Clover Scheme are acceptable to both parties. The Competition Tribunal hearing is expected to take place in the upcoming weeks.
As soon as Clover and Milco SA have certainty on the fulfilment of the remaining Clover Scheme conditions precedent, a joint finalisation announcement will be released on SENS, setting out the remaining salient dates and times pertaining to the implementation of the Clover Scheme.