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Disposal Of Quantum Foods Shareholding
ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2006/019240/06)
Share code: ZED
ISIN: ZAE000088431
LEI:37890022AF5FD117D649
(“Zeder” or “the Company”)
DISPOSAL OF QUANTUM FOODS SHAREHOLDING
Shareholders are advised that on Friday, 12 June 2020 the Company’s wholly-owned
subsidiary, Zeder Financial Services Limited, agreed to and disposed of all 61 620 084 shares
held by it in Quantum Foods Holdings Limited (“Quantum Foods”), a JSE-listed integrated
feed and poultry business, representing 32.1% of that company’s issued share capital (“Sale
Shares”), to Country Bird Holdings Proprietary Limited or a subsidiary thereof (“Purchaser”),
at a cash price of R5.00 per share (“Consideration”), resulting in an aggregate sale amount
of R308 100 420 (“Disposal”).
The share trade will settle, and the Consideration is to be received, on Thursday, 18 June
2020, with this being the effective date of the Disposal.
Zeder received the Sale Shares when they were unbundled by Pioneer Food Group Limited
in 2014, and assisted Quantum Foods with its restructuring, de-risking and repositioning
following a turbulent period. Since being independently listed, Quantum Foods has evolved
positively as an organisation under strong leadership and has consistently delivered
commendable results, notwithstanding the cyclicality of the industry. The rationale for the
Disposal has less to do with the investment prospects of Quantum Foods, but rather more with
the strategic investment objectives of Zeder.
Following receipt of the Consideration, Zeder’s net unencumbered cash reserves will amount
to approximately R1.35 billion. In line with recently communicated guidance, Zeder will use
these resources to ensure that its investees are appropriately capitalised during the Covid-19
crisis, while also investing in new opportunities, if and when opportune. In addition, the
strategic options for share buybacks or special dividends will be reviewed and considered on
an ongoing basis.
The Disposal is not subject to any conditions precedent. Furthermore, no warranties have
been provided by the Company and there are no further material terms to the Disposal.
The value of the net assets comprising the Sale Shares, as at 29 February 2020, being the
date of the Company’s last audited annual financial statements, was R188 million. The audited
profits after tax attributable to the Sale Shares for the year ended 29 February 2020, was
R12 million, based on the Company’s audited annual financial statements for the year ended
29 February 2020, which were prepared in terms of IFRS. Shareholders are referred to the
financial results of Quantum Foods, available on its website (https://quantumfoods.co.za/),
which provide further information on Quantum Foods.
The Disposal constitutes a category 2 transaction in terms of the JSE Limited Listings
Requirements.
Zeder is proud of our association with Quantum Foods over the years and we wish all
stakeholders well on the journey ahead.
Stellenbosch
15 June 2020
Transaction Advisor and Sponsor
PSG Capital
Date: 15-06-2020 03:45:00
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