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Hudaco Industries Ltd Announces Acquisition Of The Dunford Group From Dunford Holdings Pty Ltd

Friday, 1 Nov 2013 08:00am EDT 

Hudaco Industries Ltd announced that the Company has signed an agreement to acquire 100% of The Dunford Group (DG) (the Agreement) from Dunford Holdings Pty Ltd (the Seller) (the Transaction). DG has two main areas of business: Machining, repair and sale of hydraulic pumps for the local and export market; and Production of ferrous and non-ferrous castings for a diversity of industries in South Africa. Hudaco Trading Pty Ltd, 85% owned by Hudaco, will become a 100% shareholder of the four companies constituting DG. In terms of the Agreement, the Seller is required to purchase a maximum of 927 000 Hudaco shares on the open market, which shares must be retained for a minimum period as follows: a maximum of one- third may be sold after one year, a further one-third after two years and the balance after three years. The consideration, to be settled on the day all suspensive conditions are fulfilled, will be: an estimated cash payment of ZAR148.2 million; and an amount of ZAR8 473 for each day between October 1, 2013 and the date of actual payment of the consideration, which is expected to be on or about November 30, 2013; with the maximum consideration payable being ZAR154.3 million. 

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31 Jul 2015