CKS - Crookes Brothers Limited - Company Announcement
CKS
CKS
CKS - Crookes Brothers Limited - Company Announcement
CROOKES BROTHERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
("Crookes" or the "company")
DISPOSAL OF FARMING PROPERTIES KNOWN AS THE KOMATIPOORT ESTATE, TO THE NATIONAL
DEPARTMENT OF LAND AFFAIRS ("DEPARTMENT") IN ACCORDANCE WITH THE LAND
RESTITUTION PROGRAMME OF THE SOUTH AFRICAN GOVERNMENT
Shareholders are referred to the announcement which was released on SENS on 7
September 2009 wherein it was stated that the Department had not furnished the
requisite undertaking for payment of the purchase price of R200 million for the
Komatipoort Estate to the conveyancers in accordance with the provisions of the
Agreement of Sale and Purchase.
Shareholders are now advised that the conveyancers have as at 6 July 2010
received the purchase price of R200 million from the Department.
In terms of the Agreement of Sale and Purchase, Crookes is entitled to interest
on any part of the purchase price not paid by the Department at a rate of 15.5%
per annum from the date of default to the date of payment. The Department has
given notice that it intends to contest the payment of this penalty
interest.Crookes has commenced the appropriate process to pursue its rights in
this regard.
Shareholders are further advised that the Company`s lease of the property from
the Department commenced on the date of transfer, 2 July 2010, and farming
operations on the property continue without interruption. The term of the lease
is 5 years, renewable at the Company`s option for a further 5 years.
Renishaw
7 July 2010
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 07/07/2010 13:43:01 Produced by the JSE SENS Department.
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