CORPCAPITAL LIMITED - DISPOSAL OF CORPCAPITAL BUILDING
CORPCAPITAL LIMITED
(Registration number 1983/011384/06)
Share code: CPA
ISIN: ZAE000034260
("Corpcapital")
DISPOSAL OF CORPCAPITAL BUILDING
1.Introduction
Java Capital is authorised to announce that Corpcapital has concluded an
agreement with Redefine Income Fund Limited ("Redefine") in terms of which
the building situated at 2 Arnold Road, Rosebank ("the building") has been
disposed of to Redefine ("the disposal").
2.Terms
The purchase consideration for the property will be discharged by the
payment of R22,5 million (excluding VAT) in cash by Redefine to Corpcapital
on registration of transfer of the property. In terms of the agreement,
transfer will not take place prior to 1 June 2004.
Redefine will assume the running costs of and will be entitled to the
income from the property from 1 May 2004. From the date of transfer until
31 December 2004 Corpcapital will occupy a portion of the property rent
free.
The financial effects of the disposal on earnings per share and net asset value
per share are insignificant.
3.Rationale for the disposal
On 28 February 2003 Corpcapital announced a strategy to unlock value for
shareholders by the responsible realisation of the company"s investments
and the return of capital to shareholders. The disposal is in line with
this strategy.
Rosebank
7 April 2004
Corporate Advisor and Sponsor
JAVACAPITAL
legal advisor
JAVACAPITAL
Date: 07/04/2004 04:32:03 PM Produced by the JSE SENS Department
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