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TMT
TMT
TMT - Trematon Capital Investments Limited - Acquisition
Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008691/06)
Share code: TMT & ISIN: ZAE000013991
("Trematon")
1. Introduction
Shareholders are advised that Trematon, via its 37.5% beneficial interest in the
Boulevard Park Trust ("Boulevard Park"), has entered into agreements in terms of
which it has purchased vacant land on the Cape Town CBD periphery ("the
property").
2. Details of the property
The property, measuring 2.05 hectares, is situated adjacent to the N2 highway on
the periphery of the Cape Town CBD and comprises Erf 169843, Cape Town.
3. Rationale for the investment
It is the company`s intention, together with its development partners, to erect
a number of office towers, providing a total of approximately 36 000m2 of office
space and 1800 parking bays.
4. Terms of the acquisition
4.1 The vendor
The property was purchased from Investec Property Group Ltd.
4.2 Terms and purchase consideration
On 6 September 2007, The Boulevard Park Trust acquired the property for a
purchase consideration of R37.0m in cash. Trematon was obliged to discharge
R11.1m of the purchase consideration in terms of this agreement.
With effect from 21 January 2008 a further 7.5% interest in the Boulevard Park
Trust was acquired from Crantock Investments (Proprietary) Limited at a cost of
R7.5m.
The purchase consideration will be funded from borrowings. There are no
outstanding conditions precedent.
5. Effective date
The effective date of the acquisition is the date of transfer of the property
into the name of the Boulevard Park Trust which was 21 January 2008.
6. Financial information
The acquisition will not have a significant effect on the earnings and headline
earnings or net asset value and tangible net asset value of the company.
This announcement is published in terms of the JSE Listings Requirements as the
acquisition constitutes a category 2 transaction for the company.
29 January 2008
Cape Town
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 29/01/2008 12:38:45 Produced by the JSE SENS Department.
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