AECI sells unit to management, workers

first_img14 AprilSouth African chemicals, explosives and property group AECI has announced that it will sell the nylon light decitex (NLD) business of SANS Fibres to a consortium comprising of the management of SANS, a workers’ trust and the Industrial Development Corporation (IDC).The sale entails the entire fibres business situated at Bellville in the Western Cape and at Stoneville, North Carolina, USA, which have a combined annual turnover of about R600-million and employ 600 people in total.The purchase will be financed largely by the IDC, which will provide debt and equity finance and will hold a 15% direct shareholding in the company, as the corporation sees the investment as a good financial prospect that also promotes black economic empowerment, while also maintaining jobs.“Importantly, in excess of 25% of the company’s equity will be beneficially-owned by BEE shareholders,” said SANS Fibres MD Brad Page in a company statement last week.Page said the transaction would result in the company having empowered status in terms of the Department of Trade and Industry’s codes of practice on broad-based BEE, as all employees in the South African nylon LDI business would now have a stake in the company.AECI chief executive Graham Edwards also hailed the transaction, as the group had originally planned to shut down the LDI business, with the view that it did not fit with the group’s long-term strategy of becoming a supplier of speciality products and services to the mining and manufacturing sectors.“We are pleased that, via Page and his consortium, jobs will be saved and customers will continue to be supplied with quality product nylon LDI from a business that is recognised as a world leader in sewing thread and other niche weaving markets,” Edwards said.The sale is subject to a number of conditions precedent including detailed due diligence, the conclusion of acceptable binding funding agreements with the IDC, board approvals, relevant regulatory approvals, the conclusion of a sale agreement and the ability to satisfactorily separate the LDI business from the other business at Bellville.“Because of management’s involvement, it is likely that the sale will be deemed a ‘small related party transaction’ in terms of the JSE listings requirements and is subject to a fair opinion from an independent expert,” AECI said. “The full terms of the sale and the independent opinion will be announced in due course.” Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more

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Mumbles Lighthouse Island GC2A4TB GEOCACHE OF THE WEEK – May 7, 2012

first_imgShare with your Friends:More Mumbles Lighthouse IslandTracking down this geocache requires tracking the tides off the U.K. coast. The traditional geocache is located on an island. Mumbles Lighthouse Island (GC2A4TB) is only accessible by foot during low tide. A sturdy lighthouse has crowned the island for more than two hundred years.Geocachers unlock the history of Mumbles lighthouse island as they search for the difficulty 1, terrain 3 cache. According to the cache page, “[The lighthouse] was designed to alert passing ships of the dangerous Mixon Sands and Cherry Stone Rock – two massive undersea sand banks that have caused the destruction of countless ships and taken the lives of hundreds of seamen over the centuries.”The small plastic container was hidden on the island by golden pig in 2010.  Since then, more than 300 geocachers have logged “Found it” for “Mumble Lighthouse Island.” It’s earned more than 100 Favorite Points.Hiking across the tidal flats toward the cacheThose who log the cache say, “The tide was right so off we went. Loved exploring out here, can see why this had so many favourite points and about to have another one. TFTC.”Continue to explore some of the most engaging geocaches around the globe. Check out all the Geocaches of the Week on the Latitude 47 blog or view the Bookmark List on Geocaching.com.If you’ d like to nominate a Geocache of the Week, send an email with your name, comments, the name of the geocache, and the GC code to [email protected] Lighthouse Island SharePrint Related”Ile aux Nattes – Lighthouse” GEOCACHE OF THE WEEK – November 1, 2010November 1, 2010In “Trackable Items”The End of the World [Sagres] GC12CRJ – GEOCACHE OF THE WEEK – September 6, 2011September 6, 2011In “Geocache of the Week”GeoTour Azores (GT6F)November 13, 2018In “GeoTours”last_img read more

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