| Tue 1 Feb 2011, 16:14 | | BNT - Bonatla Property Holdings Limited - Acquisition of shares in a Charcoal |
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BNT
BNT
BNT - Bonatla Property Holdings Limited - Acquisition of shares in a Charcoal
and Activated Carbon Manufacturing business - Voluntary announcement
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")
ACQUISITION OF SHARES IN A CHARCOAL AND ACTIVATED CARBON MANUFACTURING BUSINESS
- VOLUNTARY ANNOUNCEMENT
Shareholders are advised that the company has concluded an agreement dated 29
January 2011 in relation to the acquisition of 51% in Carbon Processing and
Technology (Proprietary) Limited, a manufacturer of activated carbon and
charcoal, from Dusty Moon 225 (Pty) Ltd and the IDUBE Trust. The shares in the
business will be held through M&P Boating (Pty) Ltd ("M&PB"), a wholly owned
subsidiary of the company.
Carbon Processing and Technology (Pty) Ltd holds the Sub-Saharan rights to
establish carboniser plants using the pyrolysis technology developed in Italy.
The carbon produced by these plants is comparable with the best quality carbon
in the world and has extensive application in the purification of water at both
the utility supply and domestic white goods level.
The purchase consideration was R1 (one rand) and a loan injection of R9 999 999
as well as the procurement of an asset financing facility of R19,5 million. The
loan injection and financing facility have been put in place.
The rationale for the acquisition is as follows:
* There is a strong and growing global demand for activated carbon products.
* The business is the only one of its kind on the African continent, and the
barriers and costs of entry are substantial.
* An off-take agreement has been entered into with Jacobi AG ("Jacobi"), the
fifth largest global player in the activated carbon market, whereby Jacobi
will take 100% of the production for 5 years at market related prices.
The business will operate through a manufacturing facility located on a
property, both of which are already owned by Cambridge Park Mall (Pty) Ltd, a
wholly owned subsidiary of Bonatla. The business will pay rental to Cambridge
Park Mall for the use of plant and rental on the property.
All conditions precedent have been fulfilled and the effective date is 1 January
2011.
RESTRUCTURING OF THE BOARD AND MANAGEMENT
In light of the recent additions to the property portfolio, and in order to
strengthen the management and board of the company, a re-organization and
restructuring of the board of directors of Bonatla will take place, details of
which will be included in the forthcoming acquisition circular.
1 February 2011
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 01/02/2011 16:14:02 Produced by the JSE SENS Department.
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