MM Suping cancelled the acquisition of Nutritional Foods (Proprietary) Limited from Nutritional Holdings Limited.
The disposal is conditional on a formal sale agreement being signed and any other regulatory and shareholder approvals, if required. It is also subject to written confirmation of no legal claims, or full and final settlement thereof, on the effective date; the purchaser confirming a satisfactory due diligence in writing; payment of the balance of the purchase consideration; board approval by the seller; and any other written confirmation required in terms of the change in shareholding of Nutritional Foods. As of August 2, 2021, the conditions precedent to the acquisition is still remain as at date. The disposal does not require shareholder approval nor a fairness opinion from an independent expert. The effective date of the transaction is on June 30, 2021. The proceeds of the Disposal will be applied by the company to the working capital requirements to fund the growth of Ukusekela Holdings (Pty) Ltd, the cannabis arm of Nutritional Holdings. AcaciaCap Advisors Proprietary Limited is the designated advisor of Nutritional Holdings Limited.
MM Suping cancelled the acquisition of Nutritional Foods (Proprietary) Limited from Nutritional Holdings Limited (JSE:NUT) on March 22, 2022.