ACC - Acc-Ross - Update on the disposal of the bay
ACC
ACC
ACC - Acc-Ross - Update on the disposal of the bay
ACC-ROSS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/000059/06)
Share code: ACC & ISIN: ZAE000077335
("Acc-Ross" or "the company")
UPDATE ON THE DISPOSAL OF THE BAY
The Bay is a development of approximately 300 hectares on the banks of the
Hartbeespoort Dam, in the North West Province. The development has rights in
place for residential, commercial, retail and hotel development in conjunction
with a golf course.
The disposal of The Bay was approved in the general meeting of Acc-Ross
shareholders which was held at 10h00 on Monday, 28 May 2007 at Arcay House,
Number 3 Anerley Road, Parktown, Johannesburg. It was agreed that the
disposal consideration for The Bay R195 550 000 shall be settled through a
cash payment of R95 550 000 on the date of registration of transfer of the
property, with the balance being settled through the issue of R100 000 000
secured debentures, R20 000 000 of which was payable 2 months after transfer
of the property.
The final condition precedent is the provision of guarantees to enable
transfer to take place, which date has been extended to 30 September 2007 on
the basis that a non-refundable deposit of R10 000 000 be paid. Of the R95
550 000 cash portion, R18 000 000 has been received in good faith from the
purchaser, as well as financial guarantees for an amount of R60 550 000
payable on registration of transfer. R10 000 000 of this amount is a non-
refundable deposit. In addition, the purchaser has agreed that the R20 million
debenture noted above, will be paid on registration of transfer of the
property, which is expected to be 30 September 2007. The purchasers` bankers
have confirmed that the funding is available for this payment.
The date for presentation of guarantees for the remaining portion
(i.e. R17 000 000) has been extended up until the last day of September 2007.
In terms of an extension of terms agreement, the full purchase consideration
payable on transfer (i.e. R95 550 000) shall attract interest at a rate of 12%
per annum, calculated from the 1st of June 2007 until the transfer
registration date. The interest accrued by the purchaser will be non-
refundable.
Johannesburg
06 August 2007
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 06/08/2007 16:13:26 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
