BWI
BWI
BWI - B & W Instrumentation and Electrical - Fulfilment of Conditions Precedent
B & W INSTRUMENTATION AND ELECTRICAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 2001/008548/06)
Share code: BWI & ISIN: ZAE000098687
("B&W" or "the company")
FULFILMENT OF CONDITIONS PRECEDENT
The board of directors of B&W is pleased to advise shareholders that further to
the announcement dated 24 November 2009 all conditions precedent relating to the
acquisition of the business of Pontins (Proprietary) Limited ("Pontins") have
been fulfilled.
Founded in 1972, Pontins was established to fill a gap in the market for the
provision of lightning protection products and services for offices, factories
and shopping centres. Over the past 30 years, Pontins has been at the forefront
of earthing, lightning protection and surge protection, specialising in both the
design and installation thereof in the Southern Africa region. As a result,
Pontins has become extensively involved in the draughting of many specifications
and the implementation of codes of practice in this industry.
B&W and Pontins have numerous operational synergies which B&W will look to
maximise going forward. In addition to existing operational synergies, the board
of directors of B&W believes that Pontins` niche service offering will open up
further opportunities for the existing B&W business as the two companies often
work together on the same type of project and where B&W`s involvement in a
project occurs towards the end of its lifecycle, Pontins` involvement generally
occurs at the very early stages. This will also allow for reduction in certain
site costs.
B&W intends to grow Pontins by increasing its capacity in addition to making the
knowledge of B&W`s cross border projects available.
Going forward, the board of directors of B&W intend to acquire further
complementary niche businesses which will augment B&W`s existing service
offerings.
25 January 2010
Corporate Adviser and Designated Adviser
Merchantec Capital
Legal Adviser
Fluxmans Inc
Date: 25/01/2010 09:39:01 Produced by the JSE SENS Department.
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