K2013088981 Proprietary Limited signed an agreement to acquire Quarrie Farms from Crookes Brothers Ltd. (JSE:CKS) for ZAR 160 million in cash on August 1, 2013. The consideration will be payable on registration of transfer of the properties. Quarrie Farms reported revenue of ZAR 23 million and operating profit of ZAR 9.1 million in the year ended March 31, 2013.

The deal is subject to regulatory approval, where necessary and the registration of transfer of the properties. The disposal is also subject to warranties that are considered normal for transactions of this nature and is not subject to shareholder approval. The effective date of the disposal will be the day following the date of registration of transfer of Quarrie Farms or the day following the date of payment of the consideration. The proceeds of the disposal will be utilised to fund other expansion opportunities. Sasfin Capital acted as financial advisor and sponsor to Crookes Brothers Ltd.

K2013088981 Proprietary Limited completed the acquisition of Quarrie Farms from Crookes Brothers Ltd. (JSE:CKS) on January 17, 2014.