Adcock renews BEE cautionary

Johannesburg) - Listed pharmaceutical company Adcock Ingram Holdings on Thursday renewed its cautionary announcement relating to its proposed broad-based black economic empowerment transaction.

In November Adcock announced the key terms of the transaction, which will facilitate the introduction of additional BEE equity participation in Adcock.

The company plans to sell 13% of its shares to black staff and a consortium of black investors in an empowerment deal worth R1.3bn.

The consortium comprises Kagiso Trust Investments, a subsidiary of the Kagiso Trust, and Kurisani Youth Development Trust, the investment arm of the HIV prevention programme LoveLife.

The company said a further announcement will be published on the Stock Exchange News Service (Sens) and in the press once full terms, salient dates and financial effects of the transaction have been finalised.

Adcock shareholders are advised to continue to exercise caution when dealing in their Adcock shares, until a further announcement is made.

- I-Net Bridge