CAE - Cape Empowerment Trust Limited - Disposal of 11 841 896 Grand
CAE
CAE
CAE - Cape Empowerment Trust Limited - Disposal of 11 841 896 Grand
Parade Investments limited ("GPI") ordinary shares
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
("Cape Empowerment Trust" or "the company")
Share Code: CAE
ISIN: ZAE000016952
DISPOSAL OF 11 841 896 GRAND PARADE INVESTMENTS LIMITED ("GPI")
ORDINARY SHARES
1 INTRODUCTION
Shareholders are advised that Cape Empowerment Trust has disposed of
11 841 896 GPI ordinary shares for a consideration of R 25 578
495 on the open market ("the disposal").
2 RATIONALE FOR THE DISPOSAL AND APPLICATION OF SALE PROCEEDS
The disposal is intended to rebalance the group`s investment
portfolio. Cape Empowerment Trust will utilise the proceeds of
the disposal to reduce debt, to pursue other attractive new
opportunities and to make further investments in certain of
its existing investments, with particular focus on its
property and services businesses.
3 TERMS OF THE DISPOSAL
3.1 The effective date of the transaction is 8 April 2009.
3.2 The purchase consideration of R 25 578 495 is payable in cash
on settlement date, being 17 April 2009.
4 PRO FORMA FINANCIAL EFFECTS
The financial effects of the transaction are not material.
5 CATEGORISATION OF THE TRANSACTION
The disposal is categorised as a category 2 transaction in terms of
the Listings Requirements of the JSE Limited.
Cape Town
16 April 2009
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Legal advisors
Cliffe Dekker Hofmeyr Inc.
Date: 16/04/2009 10:47:00 Produced by the JSE SENS Department.
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