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MOR
MOR
MOR - Morvest Business Group Limited - Acquisition of portion 709 of farm
Randjesfontein
MORVEST BUSINESS GROUP LIMITED
(Previously Simeka Business Group Limited)
(Incorporated in the Republic of South Africa)
(Registration No. 2003/012583/06)
Share code: MOR ISIN code: ZAE000152567
("Morvest" or "the Company")
1. ACQUISITION OF PORTION 709 OF FARM RANDJESFONTEIN 405 JR NOORDWYK
EXTENSION 94
1.1 Introduction
The board of Morvest is pleased to announce that the Company,
reached agreement with Faircity Midrand Pty Limited ("the Seller")
for the acquisition of the remainder of Portion 709 of Farm
Randjesfontein, 405- JR Noordwyk Extension 94 ("the property")("the
acquisition"). The sole shareholder of the Seller is Mr Andries du
Plooy.
1.2 Terms of the acquisition
The effective date of the acquisition will be the date of
registration of transfer of the property into the name of Morvest.
1.3 Settlement of the purchase consideration
- The total purchase consideration for the property is R17,1
million payable on registration of transfer of the property
into the name of Morvest with an initial cash deposit of R1
million payable by 19 July 2011; and
- the balance of R16,1 million in the form of a guarantee in
favour of the sellers payable on or before 9 September 2011.
The property is being purchased "as is" and is subject to warranties
that are normal for a transaction of this nature.
1.4 Conditions precedent
The acquisition is subject to conditions and servitudes that are
considered normal for transactions of this nature.
1.5 Description of the property
Farm Randjesfontein is located in the Gauteng Province of South
Africa,14th Avenue Noordwyk, Midrand, Gauteng. It measures
approximately 24.756 hectares being the remaining Extent of Farm
No. 709 Farm Randjesfontein, 405-JR Noordwyk Exention 94.
1.6 Rationale for the acquisition
Morvest intends building a campus during the next 18 - 24 months on
the property to consolidate all Gauteng-based group companies into
one central location. This will result in improved synergies, cost
savings through the centralisation of shared services as well as a
reduction in travel and rental costs. In addition enhanced inter-
group communication will enable increased leveraging of cross-
selling opportunities within Morvest. The company believes
building ownership will be of long-term benefit to all
stakeholders.
2. FINANCIAL EFFECTS
The proforma financial effects for the acquisition on Morvest`s headline
earnings per share and earnings per share for the year ended 31 May 2011
are not significant in terms of the JSE Limited`s Listings Requirements.
3. CATEGORISATION OF THE TRANSACTION
The acquisition is categorised as a Category 2 transaction in terms of
the JSE Limited`s Listings Requirements.
Johannesburg
1 August 2011
Sponsor: Sasfin Capital
A division of Sasfin Bank Limited
Date: 01/08/2011 16:25:00 Produced by the JSE SENS Department.
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