[2007-07-02]  Communique-Summary of disclosable transaction issued under Listing Rule 13.15(b)(i)
The board of directors of Rogers and Company Limited (‘Rogers’) has today approved the purchase of all the shares of Multiconsult Limited, a leading offshore management company in Mauritius, by Cim Financial Services Ltd, its wholly owned subsidiary.
The effective date of the transaction is 30 June 2007 and is subject to certain conditions precedent.
The consideration for the transaction has been set at USD 34 million and will be paid on a deferred basis. The deferred portion shall be adjusted in keeping with the performance of Multiconsult Limited over the next two financial years.
The consideration will be primarily financed by borrowings of Cim Financial Services Ltd. The Rogers Group debt equity ratio will remain within an acceptable level.
The transaction is a ‘disclosable transaction’ under Chapter 13 of the Listing Rules issued by the Stock Exchange of Mauritius Ltd.
The expected benefits which Rogers, through Cim Financial Services Ltd, will derive from the transaction are as follows:
• a leading market position;
• consolidation and diversification of client portfolio; and
• critical mass.
The directors of Rogers consider the terms of the proposed acquisition to be fair and reasonable and in the best interests of the shareholders of Rogers.
By Order of the Board
Aruna Radhakeesoon
Company Secretary
29 June 2007
This summary is issued pursuant to Listing Rule 13.15 (b) (i).
Copies of the disclosable transaction circular are available free of charge at the registered office of Rogers situated at No.5 President John Kennedy Street, Port Louis.
The board of directors of Rogers accepts full responsibility for the accuracy of the information contained in this summary.
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Source: © 2003 Associated Brokers Ltd.