| Thu 18 Oct 2007, 17:59 | | ACC - Acc-Ross Holdings Limited - Finalisation of |
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ACC
ACC
ACC - Acc-Ross Holdings Limited - Finalisation of 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")
FINALISATION OF THE DISPOSAL OF THE BAY
Shareholders are to be advised that the final guarantees in relation to the
disposal of The Bay have been provided to Acc-Ross. The guarantees are for
the remaining cash and first debenture portion payable on The Bay and are for
an amount of R97 550 000. The transfer process on The Bay will now be taking
place as the final condition precedent, being the provision of guarantees,
has been met.
The disposal of The Bay was approved in the general meeting of Acc-Ross
shareholders on Monday, 28 May 2007, where 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.
Of the R95 550 000 cash portion, R18 000 000 has been received in good faith
from the purchaser, R10 000 000 of this amount being a non-refundable
deposit. Financial guarantees for an amount of R60 550 000 are payable on
registration of transfer of the property. In addition, the purchaser has
agreed that the R20 million debenture noted above will now be paid on
registration of transfer of the property. The purchasers` bankers have
confirmed that the funding is available for this payment.
In terms of an extension of terms agreement, the full purchase consideration
payable on transfer (i.e. R95 550 000) attracts interest at a rate of 12% per
annum, calculated from the 01 June 2007 until 31 October 2007, with bond
registration expected on 06 November 2007.
Johannesburg
18 October 2007
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 18/10/2007 17:59:03 Produced by the JSE SENS Department.
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