| Mon 16 Aug 2010, 14:39 | | WIL - Wilderness Holdings Limited - Announcement in terms of rule 9.20 of the |
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WIL
WIL
WIL - Wilderness Holdings Limited - Announcement in terms of rule 9.20 of the
listing requirements of the Botswana Stock Exchange
Wilderness Holdings Limited
(Incorporated in Botswana on 23 February 2004)
(Registration number 2004/2986)
(Registered as an external company in South Africa on 27 November 2009)
ISIN: BW0000000868
Share code: WIL
("Wilderness or the Group")
ANNOUNCEMENT IN TERMS OF RULE 9.20 OF THE LISTING REQUIREMENTS OF THE BOTSWANA
STOCK EXCHANGE
Wilderness announces that on 27 November 2009, Okavango Wilderness Safaris
(Pty) Ltd ("OWS"), a wholly owned subsidiary of Wilderness Holdings Limited,
entered into an agreement with Great Plains Safari Companies Limited ("Great
Plains") pursuant to which OWS transferred responsibility for it`s Duba Plains
Camp including all its assets and obligations ("the Duba Business"). The result
of which is that Great Plains and OWS will work together to develop and market
the Duba Business.
Great Plains has paid OWS US$ 4,500,000 and such consideration was received on
14 May 2010. This equated to BWP 30,600,000 (at an exchange rate of BWP6.80 to
US$1). The consideration was received in cash following the fulfilment of the
following suspensive conditions:
- Great Plains incorporating a company registered in accordance with the
company laws of Botswana for the purpose of injecting the reservations
business ("NewCo");
- signature of an agreement between the OWS and Great Plains in terms of
which OWS shall acquire 50% of the issued share capital of NewCo for a
purchase consideration of US$ 100,000;
- Great Plains entering into a marketing and sales agreement with Wilderness
Safaris (Pty) Ltd, a wholly owned subsidiary of Wilderness Holdings
Limited; and
- other administrative and regulatory requirements.
It is hereby noted that all suspensive conditions were fulfilled on 25 June
2010; with the exception of certain outstanding regulatory requirements.
The value of the net assets of the Duba business, the subject of the
transaction, as at 28 February 2010 (the date of the latest proforma financial
statements of Wilderness ("the latest results date")) was BWP 1,057,898 and
represents 0.45% of the value of the total net asset of the Group as at that
date.
The pre-tax profits attributable to the net assets of the Duba business, the
subject of the transaction, as at the latest results date was BWP 1,104,472
which represents 1.35% of the total profit of the Group as at that date.
Benefits and use of proceeds
The proceeds are expected to enable further development in the Okavango and
Linyanti regions. This will result in further involvement by Great Plains into
the Duba area and enable OWS to invest into other new concession areas.
Botswana
16 August 2010
Sponsoring broker
Capital Securities (A member of the Botswana Stock Exchange)
JSE sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 16/08/2010 14:39:02 Produced by the JSE SENS Department.
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