| Wed 7 Apr 2010, 17:43 | | SBL - Sable Holdings - Disposal Of Shares In A Subsidiary And Various Investment |
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SBL
SBL
SBL - Sable Holdings - Disposal Of Shares In A Subsidiary And Various Investment
Properties Renewal Of Cautionary Announcement
SABLE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1968/010636/06)
("SABLE" OR "THE GROUP")
SHARE CODE: SBL ISIN: ZAE000006383
DISPOSAL OF SHARES IN A SUBSIDIARY AND VARIOUS INVESTMENT PROPERTIES
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Introduction and terms
1.1 Shareholders are advised that Sable, through its 50% subsidiary Thistledown
Properties 6 (Pty) Ltd, has entered into a sale of letting enterprise agreement
dated 12 August 2009 in terms of which Sable will dispose of Stand 2112 Ferndale
known as "Ferndale Shopping Centre" for a consideration of R88,75 million to
Stand 278 Strijdom Park (Pty) Ltd ("the first disposal").
The effective date of the first disposal was 18 November 2009, being the date of
transfer of the property.
1.2 Furthermore, shareholders are advised that Sable has entered into a sale of
shares and cession of loan claim agreement dated 30 September 2009 in terms of
which Sable will dispose of 50% of its shareholding and a cession of its loan
claim in Howec Metals (1964) (Pty) Ltd to Liquid Mist Trade and Invest 112 (Pty)
Ltd ("the second disposal")for a consideration of R10 million. Howec Metals
(1964) (Pty) Ltd owns a retail shopping centre known as "Hobart Grove Shopping
Centre".
The effective date of the second disposal was 30 September 2009.
1.3 Shareholders are also advised that Sable, through its wholly-owned
subsidiary Sable Place Properties 103 (Pty) Ltd, has entered into a sale of
letting enterprise agreement dated 2 October 2009 in terms of which Sable will
dispose of various properties held in Kya Sands, Johannesburg, for a total
consideration of R28,35 million to Sable Place Properties 121 (Pty) Ltd ("third
disposal").
The effective date of the third disposal is the date of registration of the
transfer of the property.
Settlement of the consideration
The consideration of all three disposals will be settled in cash on the
prospective effective dates.
Description of and rationale for the disposals and application of the sale
proceeds
The rationale for first disposal, whereby Ferndale Shopping Centre has been
disposed of, is to take advantage of a strong market related offer.
The rationale for the second disposal is to partner with the expertise of a
recognised building contractor and developer to re-develop Hobart Grove Shopping
Centre.
The rationale for the third disposal is to reduce gearing within the Group and
furthermore to take advantage of better quality investment property assets that
are currently on offer.
Background to the purchasers
Stand 278 Strijdom Park (Pty) Ltd is a company related to PSM Holdings (Pty)
Ltd, which own a number of investment properties.
Liquid Mist Trade and Invest 112 (Pty) Ltd is a company related to Abbeydale
Building and Civils (Pty) Ltd. Abbeydale Building and Civils (Pty) Ltd are
building contractors.
Sable Place Properties 121 (Pty) Ltd is a consortium of investors investing in
investment property.
All the above purchasers are independent parties to each other and to The Group.
Conditions precedent
There are no outstanding conditions precedent for the first disposal and the
second disposal.
The only condition precedent outstanding in the third disposal is the delivery
by Sable Place Properties 121 (Pty) Ltd of an unconditional guarantee for the
purchase price to Sable`s conveyancer.
Categorisation of the disposals
The first disposal is categorised as a Category 1 transaction in terms of the
JSE Limited Listings Requirements.
The second transaction and the third transaction are categorised as Category 2
transactions in terms of the JSE Limited Listings Requirements.
7. Cautionary announcement
Shareholders are advised that they should continue to exercise caution when
dealing in The Group`s securities on the JSE until an announcement containing
specific information relating to the properties, the subject of the disposals
and the financial effects of the disposals are released.
7 April 2010
Sponsor: Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 07/04/2010 17:43:01 Produced by the JSE SENS Department.
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