BNT - Bonatla Property Holdings Limited - Further announcement concerning the
BNT
BNT
BNT - Bonatla Property Holdings Limited - Further announcement concerning the
acquisition of tiffendel property investments (PROPRIETARY)Limited ("TIFFSKI")
and vlc commercial and Industrial Property (PROPRIETARY) Limited ("VLC")
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. Due to time constraints,
insufficient financial and property related information was made available to
Bonatla enabling it to sign off the due diligence. Bonatla will no longer pursue
this transaction.
With regard to the VLC acquisition, VLC had to restructure the transaction from
a sale of shares to a sale of property in the absence of audited financial
information being available in respect of the entity being acquired. The
agreement was amended on 4 December, resulting in Bonatla acquiring from VLC
200 000 square meters of property and bulk in the Durban Point Waterfront
Development 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 redeemable/convertible debentures of one rand each. The transaction
is otherwise to be concluded on the same terms and conditions as before.
The revised transaction will be the subject of a circular to shareholders in the
near future.
Houghton
8 December 2008
Sponsor
Arcay Moela Sponsors (Pty) Limited
Date: 12/12/2008 09:49:19 Produced by the JSE SENS Department.
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