Brimstone Investment Corporation Limited (JSE:BRT) entered into a conditional offer to acquire an additional 5.9% stake in Oceana Group Limited (JSE:OCE) from Tiger Brands Limited (JSE:TBS) for approximately ZAR 580 million on January 24, 2019. Pursuant to the terms, Brimstone Investment will acquire 8 million shares of Oceana Group raising its stake to 22.88% from 16.98%. Brimstone Investment will pay ZAR 72.7 per share.

The purchase consideration will be settled by Brimstone from available facilities and additional funding to the extent required. The transaction is subject to approval from Board and investment committee of Brimstone, approval from shareholders of Brimstone and obtaining financing, if its require to fund the consideration. As per announcement made on March 1, 2019, Brimstone shareholders are advised that the conditions precedent in relation to the transaction have been duly fulfilled.

The transaction is expected to complete on February 28, 2019. As per announcement made on March 1, 2019, The transaction is expected to be completed on or before March 20, 2019. Nedbank Limited (JSE:NBKP) acted as financial advisor while Cliffe Dekker Hofmeyr acted as legal advisor for Brimstone.

Standard Chartered PLC (LSE:STAN) acted as financial advisor and Edward Nathan Sonnenbergs Inc. acted as legal advisor for Tiger Brands.