| Thu 31 Mar 2011, 11:46 | | TMT - Trematon Capital Investments Limited - Announcement |
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TMT
TMT
TMT - Trematon Capital Investments Limited - Announcement
Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
("Trematon" or "the company")
1 Introduction
Shareholders are advised that Trematon has entered into agreements in terms of
which it has acquired a 50% interest in a property loan stock company with joint
venture partners Brian Goldberg and Ilan Kaplan ("joint venture partners")
("joint venture agreement"), which will be housed in Trematon Management Company
(Proprietary) Limited ("TMC"). As an initial investment TMC has acquired 5
properties with a total extent of 20 975 m2 ("the properties") for a total
purchase consideration of R90 million ("the acquisition").
2 Rationale for the investment
It is the company`s intention together with its joint venture partners to invest
in various properties in South Africa, with a primary focus on the commercial,
retail and industrial property sectors.
The company`s primary objective, as an investment company, is to identify value
and value enhancing opportunities within the targeted sectors by using its
defined investment strategies. These strategies have as its goal the creation
of a stable portfolio of assets capable of generating consistent and continually
escalating free cash flows and capital growth.
3 Details of the properties
Building Address Erf number Extent m2
7 Dartfield Road 7 Dartfield Road, Erf 195, Eastgate Ext 2299
Kramerville, 13, Johannesburg
Sandton
Shoprite Rustenburg Cnr Loop and Erf 2460, Rustenburg 8700
Church Streets,
Rustenburg
Word of Life Cnr Commercial and Erf 258, Strijdom 3658
Ministery Arbeid Road, Park, Johannesburg
Strijdom Park,
Randburg
Sandton Action 12 Commerce Erf 179, Eastgate Ext 2600
Cricket Crescent, 12, Johannesburg
Kramerville,
Sandton
The Wang Global Cnr Zurich and Erf 180, Eastgate Ext 3718
Building Brussels Streets, 12, Johannesburg
Spartan
Terms of the acquisition of the properties
4.1 The vendor
All of the properties were purchased from Redefine Property Fund Limited.
4.2 Terms, purchase consideration and funding
On 24 March 2011, TMC acquired the properties for a purchase consideration
of R90 million in cash. Trematon is obliged to discharge R45 million of
the purchase consideration in terms of the joint venture agreement.
The purchase consideration will be funded 95% by bank debt and the balance by
linked units and shareholders loans. There are no outstanding conditions
precedent.
Effective date
The effective date of the acquisition is the date of transfer of the properties
into the name of TMC, which is expected to be during or about the 3rd quarter of
2011.
Financial information
The acquisition of the properties will not have a significant effect on the
earnings and headline earnings or net asset value and tangible net asset value
of the company.
This announcement is published in terms of the JSE Listings Requirements as the
acquisition of the properties constitutes a category 2 transaction for the
company.
31 March 2011
Cape Town
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 31/03/2011 11:46:01 Produced by the JSE SENS Department.
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