| Tue 31 Aug 2010, 7:51 | | BNT - Bonatla Property Holdings Limited - Proposed |
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BNT
BNT
BNT - Bonatla Property Holdings Limited - Proposed acquisition of a property
portfolio from various property companies and update on previously announced
acquisitions
BONATLA PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1996/014533/06
Share Code: BNT
ISIN Number: ZAE000013694
("Bonatla" or "the company")
PROPOSED ACQUISITION OF A PROPERTY PORTFOLIO FROM VARIOUS PROPERTY COMPANIES AND
UPDATE ON PREVIOUSLY ANNOUNCED ACQUISITIONS
1. INTRODUCTION
Shareholders are advised that agreements have been signed between various
parties and Bonatla Properties (Proprietary) Limited (a wholly-owned subsidiary
of Bonatla) ("Bonatla Properties") for the acquisition of various properties and
shares in property-owning companies.
2. RATIONALE FOR THE ACQUISITIONS
The proposed acquisitions are in line with the updated investment strategy of
Bonatla, which entails focussing primarily on acquiring high quality properties
which are also sound rental income producing investments. In addition, the
proposed acquisition provides the added advantage of a national geographical
spread with a diversity of tenants and opportunities.
3. TERMS OF THE PROPOSED ACQUISITIONS
3.1 Assets to be acquired
In terms of the agreements, Bonatla will purchase the issued share capital in
and/or loan accounts of and/or property assets from the following counter
parties:
148 Leeuwpoort Street Property Investment Trust
Centurion Hazel Holdings Limited
Oxford Gate Holdings Limited
The Village Holdings Limited
Witbank Highveld Holdings Limited
Tarentaal Centre Holdings Limited
Magalieskruin Centre Holdings Limited
Flora Centre Holdings Limited
Silverwater Crossing Holdings Limited
Waterglen Shopping Centre Holdings Limited
Careltonville Centre Holdings Limited
Shopmakers Village Holdings Limited
Benoni Hyper Holdings Limited
De Marionette Centre Holdings Limited
Athlone Park Shopping Centre Limited
Range View Shopping Centre Holdings Limited
Parkside Plaza Holdings Limited
Liberty Mall Holdings Limited
Rivonia Square Shopping Mall Holdings Limited
Nelspruit Hyper Holdings Limited
Brookfield Investments 255 (Pty) Ltd
Brookfield Investments 259 (Pty) Ltd
Sharemax Zambezi Retail Park Holdings Limited
The Villa Retail Park Holdings Limited
Premium Plan (Proprietary) Limited
Sharemax Growth (Proprietary) Limited
Sharemax Investments (Proprietary) Limited
Planet Waves 120 (Proprietary)Limited
Harlequin Duck Properties 236 (Proprietary)Limited
Harlequin Duck Properties 236 (Proprietary)Limited
Amber Sunrise Properties 99 (Proprietary)Limited
Born Free Investments 552 (Proprietary)Limited
Born Free Investments 552 (Proprietary)Limited
Born Free Investments 552 (Proprietary)Limited
Sharemax Bay Estate Development Fund Limited
Planet Waves 110 (Proprietary)Limited
Amber Sunrise Properties 99 (Proprietary)Limited
Amber Sunrise Properties 95 (Proprietary)Limited
Amber Sunrise Properties 96 (Proprietary)Limited
3.2 Consideration payable
The consideration payable in terms of the signed agreements is R4 985 162 808
(four billion nine hundred and eighty five million one hundred and sixty two
thousand eight hundred and eight Rand), which consideration is to be satisfied
by means of an issue of Bonatla Property Holdings Limited ordinary shares (which
are currently listed) and various other securities, to be listed.
3.3 Effective date
The effective date of the proposed acquisitions is 1 September 2010
3.4 Conditions precedent
The proposed acquisitions are subject to the following conditions precedent:
- a satisfactory due diligence to be completed by Bonatla within 15 business
days of the effective date;
- all statutory approvals including but not limited to the JSE limited,
Securities Regulation Panel, Competition Commission and Financial Services
board;
- the approval of the shareholders of the counter parties (referred to in
3.1) in general meeting; and
- the approval of Bonatla shareholders in general meeting.
4. UPDATED INFORMATION WITH REGARD TO THE ACQUISITION ANNOUNCEMENT DATED 26
JANUARY 2010
Shareholders are referred to the announcement dated 26 January 2010, and are
advised that the cash consideration in respect of the acquisition of five of the
properties has been discharged by Bonatla, and that the company has further made
arrangements for R7,3 million in respect of the cash requirement for the
remaining 4 property companies. Detailed financial effects will be announced in
due course.
5. PRO FORMA FINANCIAL INFORMATION
Pro forma financial information with regard to the proposed acquisitions is
being prepared and shall be released in due course.
6. CIRCULAR TO SHAREHOLDERS
A circular to shareholders of Bonatla in this regard is in the process of being
prepared and shall be posted once finalised.
7. RENEWAL OF CAUTIONARY
Shareholders referred to the cautionary announcement dated 23 August 2010, and
are advised to continue to exercise caution when dealing in their Bonatla shares
until such time as the pro forma financial information is announced and the
cautionary withdrawn.
Houghton
30 August 2010
Sponsor
Arcay Moela Sponsors (Pty) Limited
Date: 31/08/2010 07:05:06 Produced by the JSE SENS Department.
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