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TMT
TMT
TMT - Trematon - Disposal of 37.5% Interest in the Boulevard Park Trust &
Withdrawal of Cautionary 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")
DISPOSAL OF 37.5% INTEREST IN THE BOULEVARD PARK TRUST
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1. Introduction
Shareholders are advised that Trematon, on 23 March 2012, via its wholly owned
subsidiary, Tremtrade Proprietary Limited ("Tremtrade") has entered into an
agreement for the disposal of its 37.5% beneficial interest in the Boulevard
Park Trust ("Boulevard Park") to The Leaf Property Fund Trust ("Leaf") for the
aggregate consideration of R39.3 million ("the consideration")("the disposal").
2. Boulevard Park and the rationale for the disposal
Boulevard Park effectively owns 49% of the Boulevard Park Office Park, an office
park situated adjacent to the N2 highway on the periphery of the Cape Town CBD.
The Boulevard Office Park was a greenfields development initiated and managed by
Faircape Property Developers. The buildings were completed in 2008 following
which the buildings were tenanted and the commercial areas optimised. The
office park is fully let and the project is now a blue-chip investment grade
property. Trematon has the opportunity to realise the value added by the
project and use the resources to fund other ventures.
3. Terms of the disposal
Trematon, via Tremtrade has disposed of its 37.5% interest in Boulevard Park to
Leaf for the amount of R39.3 million.
4. Effective date of the disposal
The effective date of the disposal is 30 April 2012 and the consideration will
be payable by Leaf within 10 business days of the effective date.
5. Application of proceeds
The consideration will be allocated as follows:
5.1 R16.6 will be allocated to the repayment of Tremtrade`s loan account
in Boulevard Park; and
5.2 the balance of R22.7 million will be accounted for as a capital gain
on the sale of Trematon`s interest in Boulevard Park and will be
utilised to fund other investment opportunities.
6. Conditions Precedent
The only outstanding condition precedent to the disposal is approval thereof by
the Competition Commission.
7. Financial information
The unaudited pro forma financial effects of the disposal are based on the
published audited financial results of Trematon for the year ended 31 August
2011. The preparation of these pro forma financial effects are the
responsibility of the directors of the company and it has been prepared for
illustrative purposes only to provide information on how the disposal may have
impacted on the results and financial position of Trematon. Because of the pro
forma nature of these financial effects, it may not give a fair reflection of
Trematon`s results or financial position.
Before Adjust-Pro
ments forma
after
Earnings per share (cents) 8.5 4.9 13.4
Headline earnings per share 3.1 1.9 5.0
(cents)
NAV per share (cents) 108 4 112
Tangible NAV per share (cents) 108 4 112
Weighted number of shares in 173 940 0 173 940
issue (`000)
Number of shares in issue 173 821 0 173 821
(`000)
Notes:
1.) The before column is based on the published audited financial results of
Trematon for the year ended 31 August 2011.
2.) For statement of financial position purposes it is assumed that the
disposal took place on 31 August 2011.
3.) For statement of comprehensive income purposes it is assumed that the
disposal took place on 1 September 2010.
4.) The adjustments are based on the following assumptions and adjustments:
- For statement of financial position purposes the disposal proceeds of
R39.3 million were received in cash on 31 August 2011.
- For statement of comprehensive income purposes the disposal proceeds
of R39.3 million were received in cash on 1 September 2010;
5.) At 31 August 2011 the carrying value of the investment in Boulevard Park
was R29.4 million.
6.) A capital gain is realized on the disposal on the portion of the investment
realized over its cost and is subject to capital gains tax.
7.) The disposal proceeds were invested in a money market investment with a
before tax return of 4,9%.
8. JSE Listings Requirements and withdrawal of cautionary announcement
This announcement is published in terms of the JSE Listings Requirements as the
disposal constitutes a category 2 transaction for the company. There are no
related parties involved in the disposal. Having regard to the information set
out in this announcement shareholders need no longer exercise caution when
dealing in Trematon`s securities.
26 March 2012
Cape Town
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 26/03/2012 11:54:01 Produced by the JSE SENS Department.
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