Sherbourne Capital Limited (JSE:SHB) entered into an agreement to acquire Applemint Properties 116 (Pty) Ltd from 1886 Holdings (Pty) Ltd for ZAR 3.7 million on April 22, 2013. The total purchase consideration will be settled by a cash payment of ZAR 3 million and the remaining through the issue of 70 million Sherbourne ordinary shares, resulting in 1886 Holding 8.22% of the proposed enlarged shareholding of Sherbourne. The transaction is subject to regulatory approval, ... the successful conclusion of a detailed due diligence by Sherbourne on Applemint by no later than May 30, 2013 and the approval of the transaction by the Sherbourne shareholders. On April 26, 2013, Sherbourne announced that it will release the Pro Forma effects of the acquisition on Sherbourne’s reported financial statements after the audited financial results for year ended December 31, 2012 are released on SENS. Bridge Capital Group Limited acted as a financial advisor to Sherbourne Capital Limited.
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