Astoria Announces The Disposal Of Pen-pit Mining Group Afrimat For R54m
Astoria Announces The Disposal Of Pen-pit Mining Group Afrimat For R54m. Astoria has announced that it is disposing the majority of its shares in pen-pitting mining group Afrimat for R54 million. The company also announced the acquisition of shares in Leatt Corporation for R51 million.
Astoria said in a statement, “Astoria shareholders are advised of the following transactions: – the on market disposal of the remaining 923 662 shares in Afrimat Limited (“Afrimat”), which were held by JB Private Equity Investors Partnership, in which Astoria holds a 90% interest, at an average price of R58.34 per share for an aggregate consideration of R53 937 233, (the “Afrimat Disposals”).” Afrimat is an open pit mining group that supplies industrial minerals and construction materials to clients across southern Africa. The Group also supplies bulk commodities to both local and international markets. It is listed on the (JSE) Main Board.
The company said in a statement, “Astoria has acquired 120 000 restricted shares of common stock in Leatt (the “Leatt Shares”), representing 2.06% of Leatt’s common stock, in a private purchase transaction with Christopher Leatt (the “Seller”), for a price of $27 (or approximately ZAR432) per share, and an aggregate purchase price of $3 240 000 (or approximately ZAR 51 840,000), paid in US dollars against transfer of the Leatt Shares to Astoria. Following the close of the Leatt Stock Purchase, Astoria now holds a total of 139 000 shares of Leatt common stock, representing 2.4% of Leatt’s issued and outstanding shares, including 19 000 Leatt shares that Astoria purchased in a combination of on-market and other private transactions for an aggregate consideration of $497 067 (ZAR 7 953 072).”
Leatt designs, develops, markets, and distributes personal protective equipment for participants in all forms of motor sports and leisure activities, including riders of motorcycles, bicycles, snowmobiles, and ATVs. Although the company was founded and has its executive headquarters in Cape Town, it sells its products to customers worldwide through a global network of distributors and retailers. Leatt also acts as the original equipment manufacturer for neck braces sold by other international brands.
