20 July 2011 – acquisition

The business of Grindrod PCA has been acquired from Grindrod (South Africa) (Pty) Ltd for a consideration of ZAR 50m, equivalent to £4.5m, in cash.  This is a leading exporter of fruit, vegetables and fish from Southern Africa to the global market.  It operates international standard cold store and logistics facilities in Johannesburg, Cape Town, Port Elizabeth and George.  The acquisition looks a sensible strategic move and we continue to rate the shares as a LONG TERM BUY.