MON
DESERT ALMA LIMITED
COMMUNIQUE
The
Board of directors of Mon Désert Alma Limited is pleased to announce the
signature of an Agreement on the 22nd of December 2005 between Sena
Development Limited, its shareholders and subsidiary company, Sena Holding
Limited, and the Tereos Group, whereby the latter is to inject USD 20 million
as share capital and be issued with 50 % of the shares of Sena Holding Limited,
the holding company of Companhia de Sena Sarl (CDSS) in Mozambique. Furthermore
the Tereos group will inject by way of shareholders loan USD 10 million as
additional funding for the operations of CDSS.The agreement provides for joint
management of CDSS by the partners.
The
transaction is expected to be completed by mid-February 2006.
Mon
Désert Alma Limited is part of a consortium that invested through Sena
Development Ltd in the rehabilitation of CDSS in Mozambique and has an
effective interest of 6.873% in CDSS, which will be reduced by half following
this transaction.
Tereos
is the largest sugar group of France and the second largest in Europe with
operations in numerous European countries. Furthermore the group is present in
Brazil and Réunion Island.
The
Board of Directors of the Company is confident that the expertise of an
international sugar group will prove very beneficial to the operations of CDSS.
Furthermore this transaction will improve the treasury of CDSS giving it the
means to realize its business plan.
The
parties have also agreed upon a put option for Mon Désert Alma Ltd and a call
option for Tereos through Sena Development Ltd pursuant to which the Company
may realize its indirect investment in CDSS between 2010 and 2011 for a
consideration based on a EBITDA (Earnings Before Interest, Taxation,
Depreciation and Amortization) multiple of 8.
By order of the Board
for ESPITALIER NOEL LTD
« This
communiqué is issued pursuant to Listing Rule 11.3
The Board of
Directors of Mon Desert Alma Ltd accepts full responsibility for the accuracy
of the information contained in this communiqué.»