BNT - Bonatla - Further Announcement Concerning The Acquisition Of Tiffendel
BNT
BNT
BNT - Bonatla - Further Announcement Concerning The Acquisition Of Tiffendel
Property Investments (Proprietary) Limited And VLC Commercial And
Industrial Property (Proprietary) Limited
BONATLA PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1996/014533/06
Share Code: BNT
ISIN Number: ZAE000013694
("Bonatla" or "the company")
FURTHER ANNOUNCEMENT CONCERNING THE ACQUISITION OF TIFFENDEL PROPERTY
INVESTMENTS (PROPRIETARY)LIMITED ("TIFFSKI") AND VLC COMMERCIAL AND INDUSTRIAL
PROPERTY (PROPRIETARY) LIMITED ("VLC")
Shareholders are referred to the announcements dated 14 November 2008 and 4 July
2008 with reference to Tiffski and VLC respectively, and are advised that the
terms of the agreements have been amended.
The acquisition of Tiffski was conditional upon a satisfactory due diligence
being completed on the subject of the acquisition. At present insufficient
financial information is available to Bonatla, and the transaction has been put
on hold pending the availability of such information.
With regard to the VLC acquisition, the original agreement would have resulted
in Bonatla acquiring VLC directly. This has proved impractical and the agreement
was amended on 4 December, resulting in Bonatla acquiring from VLC, 200 000
square meters of property and bulk, for a purchase consideration of R210 000
000, to be satisfied by the issue of 100 000 000 ordinary shares in the issued
share capital of Bonatla, and 160 000 000 convertible preference debentures. The
transaction is otherwise to be concluded on the same terms and conditions as
before - however Bonatla shall be buying the assets of VLC rather than the
company itself.
Houghton
10 December 2008
Sponsor
Arcay Moela Sponsors (Pty) Limited
Date: 10/12/2008 12:25:01 Produced by the JSE SENS Department.
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