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Driver Group Plc Announces Acquisition Of Minority Interest

Tuesday, 1 Oct 2013 02:00am EDT 

Driver Group Plc announced that it has acquired the remaining 49% shareholding of Driver Group Africa Pty from SADC Project Consulting (Pty) subject to a condition precedent that the authorities issue the appropriate Exchange Control confirmations in due course. This takes the Company's shareholding in Driver Group Africa Pty to 100%. The initial cost of the acquisition is ZAR3.3 million (GBP0.2 million) satisfied in cash and a further ZAR2.7 million (GBP0.17 million) satisfied by grant of options over Driver Group shares. Further consideration, to be satisfied by the grant of options over additional shares, will be payable based on the audited net profits of the consolidated Africa business as at 30 September 2013. The total maximum consideration (including the initial consideration) is capped at ZAR3.3 million (GBP0.2 million) in cash and share options with a value up to ZAR12.9 million(£0.8 million). The maximum number of shares under option pursuant to the terms of the agreement will be calculated by reference to the closing price of a Driver Group share on October 1, 2013. 

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