| Wed 3 Aug 2011, 16:23 | | IFH - IFA Hotels & Resorts Limited - Boschendal Sale Update and Further |
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IFH
IFH
IFH - IFA Hotels & Resorts Limited - Boschendal Sale Update and Further
Cautionary Announcement
IFA Hotels & Resorts Limited
Registration number 1919/001318/06
Share code: IFH
ISIN: ZAE000075669
("IFA" or "the Company")
Announcement relating to the disposal of all shares and claims in Boschendal
(Pty) Limited ("Boschendal") by IFA Boschendal Investments (Pty) Limited, a 100%
owned subsidiary of IFA and a 37.33% shareholder in Boschendal, to Cinmark
Twenty Seven (Pty) Limited ("Cinmark") and further cautionary announcement
Shareholders are referred to the announcement dated 25 July 2011, in which IFA
Boschendal Investments (Pty) Limited and JCI Investment Finance (Pty) Limited
("the Sellers") announced detailed terms of an agreement ("the Agreement") to
dispose of all shares and claims in Boschendal to Cinmark.
As part of the conditions precedent, Cinmark had to furnish a bank guarantee for
an amount of R700 million to the Sellers by no later than 27 July 2011. The
Sellers subsequently exercised their right to extend the date to the close of
business on Friday, 29 July 2011.
However, by such extended date, the bank guarantee had still not been provided
by Cinmark and, as a result the Agreement has lapsed and is now regarded as null
and void.
The Sellers are, notwithstanding the above, still in discussions with Cinmark
and accordingly, shareholders are advised to continue exercising caution when
dealing in the Company`s securities until such discussions are finalised.
Zimbali
3 August 2011
Sponsor: QuestCo Sponsors (Pty) Limited
Date: 03/08/2011 16:23:04 Produced by the JSE SENS Department.
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