Famous Brands Announces The Proposed Acquisition Of Steers Properties And Halamandaris Props
Famous Brands Announces The Proposed Acquisition Of Steers Properties And Halamandaris Props. Famous Brands announced that the company has entered into an agreement in respect of which it will acquire the entire share capital and claims against Steers Properties Proprietary Limited and the entire share capital and claims against Halamandaris Props Proprietary Limited from Messrs Panagiotis Halamandaris, Periklis Halamandaris, Theofanis Halamandaris and John Lee Halamandres.
Messrs Panagiotis Halamandaris, Periklis Halamandaris, Theofanis Halamandaris and John Lee Halamandres are also the beneficial owners of the Acquired Companies. Mr John Lee Halamandres is a non-executive director and shareholder of Famous Brands, and Messrs Panagiotis Halamandaris, Periklis Halamandaris and Theofanis Halamandaris are shareholders of Famous Brands and associates to Mr Nicolaos Halamandaris, a non-executive director of Famous Brands.
The Company’s primary operations and head office have resided at the 478 James Crescent Property since 1990 and has been continuously leased from Steers Properties. As a result of spatial capacity constraints, a plan has been developed which requires expansion and reconfiguration of the 478 James Crescent Property to better align with the Company’s supply chain plans and activities. Famous Brands is best placed to redevelop the 478 James Crescent Property and the 37 Richards Drive Property (collectively the “Properties”) together with a neighbouring property It owns in order to create a better functioning, fit for purpose campus at which its Gauteng Logistics operations can be consolidated, and efficiencies gained.
The purchase price for the Steers Shares, Steers Claims, Halamandaris Props Shares and Halamandaris Props Claims is an amount of R181 million. A purchase price of R166 million is payable by the company in relation to the Steers Shares and the Steers Claims. A purchase price of R15 million is payable by the company in relation to the Halamandaris Props Shares and Halamandaris Props Claims.
