| Fri 17 Feb 2012, 12:00 | | MSP - MAS Plc - Acquisition of redevelopment site in Lewes town centre |
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MSP
MSP
MSP - MAS Plc - Acquisition of redevelopment site in Lewes town centre,
Sussex, UK
MAS PLC
(Incorporated in the Isle of Man)
(Registration number 2893V)
(Registered as an external company in the Republic of South Africa)
(Registration number 2010/000338/10)
JSE share code: MSP
ISIN: IM00B4LFGH00
("MAS plc" or the "Company")
ACQUISITION OF REDEVELOPMENT SITE IN LEWES TOWN CENTRE, SUSSEX, UK
INTRODUCTION
Shareholders are advised that MAS plc, which has a primary listing on the
Luxembourg Stock Exchange and a secondary listing on the Alternative
Exchange of the JSE, has, through its wholly-owned subsidiary Santon North
Street Limited, acquired a 14,5 acre, mixed-use, prime, redevelopment site
in the town of Lewes in Sussex, England (the "property"), from the joint
administrators to the 4 companies that previously owned the land (the
"acquisition"). The site was formerly known as the Phoenix Estate.
The purchase price was EUR6 924 040* (GBP5 800 000), before stamp duty and
acquisition expenses. No debt has been used to fund the acquisition.
The acquisition was funded from the proceeds raised pursuant to the
Company`s capital raising undertaken in the second half of 2011.
RATIONALE FOR THE ACQUISITION
MAS plc believes the size and central location of this property, in the
heart of a thriving town in the South of England, offers value for investors
and is an ideal opportunity to rejuvenate the area with a development
incorporating retail, hospitality, commercial and residential components.
Ultimately the planned gross development value of the project is expected to
exceed EUR100 million.
SALIENT TERMS OF THE ACQUISITION AND CONDITIONS PRECEDENT
The effective date of the acquisition was 10 February 2012. The current
annual rent roll, paid quarterly in advance, is guaranteed by MAS plc`s
development partners, the Santon Group, at a minimum of EUR553 923 (GBP464
000).
All conditions precedent in respect of the acquisition have been fulfilled.
* Figures are disclosed in euros, the functional currency of the Company.
The assumed exchange rate at the close of business on 10 February 2012 is
1,1938 EUR/GBP.
17 February 2012
For further information please contact:
MAS plc, Helen Cullen +44 1624 625000
Charl Brand, M Partners, Luxembourg +352 263868
Java Capital, JSE Sponsor +27 11 283 0042
Date: 17/02/2012 12:00:02 Produced by the JSE SENS Department.
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