Global Village - Acquisition of Fixed Property
GLOBAL VILLAGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/017632/06)
("Global Village")
SHARE CODE: GLL ISIN: ZAE000015426
ACQUISITION OF FIXED PROPERTY
Shareholders are referred to Global Village`s audited financial results
announcement where it was announced that Global Village has acquired the
property situated at 164 Louis Botha Avenue, Lower Houghton, Johannesburg
from which it operates its Head Office ("the property").
The property has been acquired for R 2 100 000 from the 164 Trust whose
beneficiaries are M L R and G S R Israelsohn and whose trustees are M L R, G
S R and P M R Israelsohn.
The effective date of the acquisition was 1 March 2001.
The purchase consideration was satisfied by a loan, from the vendors, of R
808 569 (which bears no interest and has no fixed terms of repayment) and an
access mortgage bond of R 1291 431, on usual commercial terms for such
bonds, from a financial institution.
The financial effects of the acquisition amount to less than 3% as finance
costs replace the rental payable. In the longer term the benefits will be
derived from owning an asset instead of incurring escalating rentals.
RELATED PARTY TRANSACTION
As the vendor is a related party, the acquisition is subject to approval by
shareholders in terms of the Listings Requirements of the JSE Securities
Exchange South Africa ("the JSE").
DOCUMENTATION
Full details of the acquisition, including a notice of general meeting to
approve the acquisition, will be contained in a circular to shareholders.
The documentation will, subject to JSE approval, be posted to shareholders
within 28 days.
Johannesburg
28 MAY 2002
SPONSOR
SASFIN BANK LIMITED
Date: 28/05/2002 02:49:45 PM Produced by the SENS Department
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