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BFS
BFS
BFS - Blue Financial Services - Disposal of properties to related parties
BLUE FINANCIAL SERVICES LIMITED
(Registration number 1996/006595/06)
(JSE Code: BFS & ISIN: ZAE000083655)
("Blue" or "the Company")
DISPOSAL OF PROPERTIES TO RELATED PARTIES
1. Introduction
Shareholders are advised that Blue concluded the sale of certain
residential properties to Mr Dave van Niekerk and the spouse of Mr Riaan
Swart (both executive directors of Blue) during November 2006 and December
2006.
2. Rationale
The ownership of residential properties does not fit Blue`s business model.
Blue sold the properties to the relevant directors at market related prices
with the added benefit of Blue not incurring any estate agent or any other
selling commission.
3. Details of the properties and the transactions
Property Type Initial Purchase Date Selling Acquiror
description purchase price sold to price
date R`000 director R`000
4 House 01-Sep-04 550 10-Nov- 5 500* Lourika
Klipspringer 06 Swart
Rd,
Willowacres
X4,
Silverlakes
Phase 3
Stand 78, Vacan 01-May-05 900 10-Nov- 1 950 Dave van
Duiker t 06 Niekerk
Singel, stand
Willowacres
X4
Silverlakes,
Phase 3
Stand 76, Vacan 17-Mar-05 710 12-Dec- 1 400 Dave van
Duiker t 06 Niekerk
Singel, stand
Willowacres
X4
Silverlakes
Phase 3
Flat No. 18, Apart- 10-Apr-03 28 15-Dec- 120 Dave van
410 Walker ment 06 Niekerk
Street,
Sunnyside
Pretoria,
3138
Note: Details of the above properties were disclosed in Annexure 7 of
Blue`s pre-listing statement dated 11 October 2007.
* Improvements totaling approximately R3.2 million were made to this
property.
The sale proceeds were applied in settling the outstanding portions of the
bonds where applicable and the remainder was used to reduce short term
liabilities.
4. Financial effects
The effect of the share issue on the net asset value per share, net
tangible asset value per share, earnings per share, headline earnings per
share, diluted earnings per share and diluted headline earnings per share
of the company is insignificant.
5. Conditions precedent
There are no conditions precedent to the property sale transactions.
Pretoria
28 June 2007
Designated Advisor
Ernst & Young Sponsors (Pty) Limited
Date: 28/06/2007 16:49:59 Produced by the JSE SENS Department.
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