April 10, 2014 / 6:26 AM / 4 years ago

BRIEF-Foschini receives offer for its 55 pct stake in RCS

April 10 (Reuters) - FOSCHINI GROUP LTD -

* Proposed transaction relating to TFG’s 55 pct interest in RCS

* That TFG and Standard Bank Of South Africa Limited, RCS and Bnp Paribas Personal Finance SA and a subsidiary of BNP Paribas SA Have entered into agreements which will result in bnppf becoming 100 pct shareholder of RCS

* Effective date of proposed transaction is expected to be on or about 31 July 2014

* Total consideration is expected to be approximately R2.65 billion and will be settled in cash. TFG’s share of net proceeds is estimated to be approximately R1.4 billion.

* At this stage, board’s intention is to utilise its share of these net proceeds to facilitate a general share repurchase.

* Assuming aforementioned net proceeds were used to implement a share repurchase at current tfg market price of approximately r106 per share

* After the proposed transaction, expects EPS of 372.7 cents, a fall of 9.6 percent Source text for Eikon: Further company coverage:

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