IPL
IPL
IPL - Imperial Holdings Limited - Aviation assets disposal
Imperial Holdings Limited
Registration number: 1946/021048/06
JSE share code: IPL
ISIN: ZAE000067211
("Imperial" or "the group")
AVIATION ASSETS DISPOSAL
AVIATION DISPOSAL
Shareholders are referred to the announcement published on 7 July 2008 in which
information was given regarding the sale of the bulk of Imperial`s aviation
interests.
Following that announcement, shareholders are advised that all the conditions
precedent to the conclusion of that sale have been met on 18 December 2008 ("the
completion date"). The terms of the transaction are substantially the same as
announced on SENS on 7 July 2008 with the following exceptions:
* It was previously announced that the Rand denominated amount receivable
would be R508.8 million, to be received in various tranches over a five
year period subsequent to the completion date. Due to price adjustments
occasioned by currency fluctuations, that amount has now been determined as
R541.6 million.
* Imperial has agreed to provide loan funding to the purchaser in the amount
of $15 million on market related terms under certain conditions.
The group received approximately R340 million on the completion date and,
subject to the above exceptions, cash flows will occur as set out in the
announcement of 7 July 2008.
RA Venter
Company Secretary
Bedfordview
19 December 2008
Sponsor to Imperial
MERRILL LYNCH SOUTH AFRICA (PTY) LIMITED
Date: 19/12/2008 12:30:22 Produced by the JSE SENS Department.
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