ABT - Ambit Properties Limited - Transactions In Ambit Linked Units
ABT
ABT
ABT - Ambit Properties Limited - Transactions In Ambit Linked Units
AMBIT PROPERTIES LIMITED
(Registration number: 2001/007003/06)
Share code: ABT
ISIN code: ZAE000051645
("Ambit" or "the Company")
TRANSACTIONS IN AMBIT LINKED UNITS
Unitholders are referred to the announcements made by ApexHi Properties Limited
("ApexHi") and Cape Empowerment Trust Limited ("CET") on 12 November 2008.
Reference is also made to the announcement published by Ambit on 11 November
2008 regarding the resignation as directors of Mr S L Rai and his alternate Mr J
de Villiers.
Unitholders are referred to the circular issued by Ambit on 26 July 2007 dealing
with the acquisition by Ambit of five commercial properties and the related
rental enterprises for a total consideration of R690 million, settled by way of
the issue of 186 486 487 Ambit linked units. In terms of the agreements dealt
with in the circular, the vendors who were "black owned" or "black persons" and
who received 80% of the consideration units, agreed not to trade their units
within a three year period from the date on which all of the conditions
precedent were fulfilled unless agreed to by Ambit. These vendors included CET
via its wholly owned subsidiary Business Venture Investments No. 1232
(Proprietary) Limited ("BVI") , The Sunset Trust and The KSK Trust (collectively
"the restricted unitholders") which, as per the above mentioned ApexHi
announcement, were the sellers of Ambit units, whether directly or indirectly,
acquired by ApexHi. Mr SL Rai is a beneficiary of the KSK Trust and the Chief
Executive Officer of CET. Ambit was neither advised of the particulars of the
transactions nor did it give the restricted parties approval for the sale of
their linked units in Ambit.
The Ambit board is accordingly considering the above and will keep shareholders
informed as to the appropriate action to be taken.
Johannesburg
14 November 2008
Sponsor
Grindrod Bank Limited
Date: 14/11/2008 16:39:01 Produced by the JSE SENS Department.
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