| Fri 14 Oct 2011, 11:15 | | GDN - Gooderson Leisure Corporation Limited - Acquisition of the |
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GDN
GDN
GDN - Gooderson Leisure Corporation Limited - Acquisition of the
Kloppenheim Estate and cautionary announcement
Gooderson Leisure Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/004241/06)
JSE Share Code: GDN ISIN: ZAE000084984
("Gooderson" or "the company")
ACQUISITION OF THE KLOPPENHEIM ESTATE AND CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Alawill Investments (Pty) Limited ("the purchaser"), a wholly owned
subsidiary of Gooderson, has made an offer to purchase, as a going
concern, the hotel business and assets, the timeshare property and
assets as well as other specified assets of the Kloppenheim Country
Estate ("the Kloppenheim Estate")("the acquisition") from HCI Limited
("the seller").
2. RATIONALE FOR ACQUISITION OF THE KLOPPENHEIM ESTATE
Gooderson manages and provides accommodation, food and beverage and
restaurant services to leisure, international and conference tourists
in the KwaZulu-Natal and Gauteng Province.
The acquisition of the Kloppenheim Estate will expand Gooderson`s
portfolio and will fit in with the company`s mixed-use resort model.
Gooderson intends to upgrade the hotel to the standard of other
Gooderson properties.
3. DESCRIPTION OF THE KLOPPENHEIM ESTATE
The Kloppenheim Estate is situated in the heart of the Highlands
Meander, near Machadodorp and Dullstroom and just two hours from OR
Tambo International Airport. The hotel consists of 44 rooms and three
conference rooms. The facilities include a bar and restaurant,
wellness centre, swimming pool, six dams and tennis court.
4. TERMS AND CONDITIONS OF THE ACQUISITION
4.1 On 10 October 2011 Gooderson made an offer to purchase the
Kloppenheim Estate from the seller with occupation on 1 December
2011. The offer to purchase was accepted by HCI Limited on 13
October 2011.
4.2 The total purchase price is R10.9 million, a deposit of R1
million will be paid on 19 October 2011 which will be funded out
of the cash resources of Gooderson.
4.3 The balance of the purchase price, R9.9 million is payable upon
registration and transfer of the property into the name of the
purchaser and will be funded by debt which has already been
secured.
5. UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE ACQUISITION
The unaudited pro forma financial effects will be published in due
course.
6. qCATEGORISATION OF THE ACQUISITION
The acquisition is categorised, in terms of the JSE Limited`s ("JSE")
Listings Requirements, as a Category 2 transaction and does not
require shareholders` approval.
7. CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution in dealing in
the company`s securities on the JSE until such time as the financial
effects of the acquisition are published.
8. FURTHER ANNOUNCEMENT
Shareholders will be notified once the acquisition has become
unconditional.
14 October 2011
Durban
Designated Adviser
Exchange Sponsors
Date: 14/10/2011 11:15:01 Produced by the JSE SENS Department.
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