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TMT
TMT
TMT - Trematon Capital Investments Limited - Investment in Manor Group
Retirement Holdings (Proprietary) Limited
Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
("Trematon" or "the Company")
Investment in Manor Group Retirement Holdings (Proprietary) Limited
1 Introduction
Shareholders are advised that Trematon has entered into an agreement in terms of
which it has acquired a 35% interest in Manor Group Retirement Holdings
(Proprietary) Limited and its associated entities including Cle du Cap
retirement village (collectively hereinafter referred to as "Manor
Enterprises").
2 Details of the business of Manor Enterprises
Manor Enterprises is the operator and/or owner of a group of 6 retirement
villages and their associated health care facilities, 5 of which are located in
the Western Cape. The villages include Cle du Cap, Bridgewater Manor, Noordhoek
Manor, Heritage Manor, Onrus Manor and Riverside Manor (Sunninghill).
3 Rationale for the investment
The investment offers a reasonably priced entry into a stable and growing market
for the ownership and management of retirement villages and their associated
facilities. The business of Manor Enterprises has excellent economic
characteristics in that it has a highly regarded and competent management team,
a stable customer base with strong demand for the product and the potential for
expansion into related businesses. More information on the business of Manor
Enterprises can be found at www.manorenterprises.co.za.
4. Terms of the acquisition
4.1 The vendor
The interest was purchased from the Pimlico Investment Trust.
4.2 Terms and purchase consideration
The total purchase consideration is R17.5 million which will be funded from
borrowings. There are no outstanding conditions precedent.
4.3 Effective date
The effective date of the investment is 31 May 2008.
5 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.
5 June 2008
Cape Town
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 05/06/2008 12:29:07 Produced by the JSE SENS Department.
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