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Shops for Africa Limited - Announcement
Shops for Africa Limited
(Incorporated in the Republic of South Africa)
(Company Registration Number 2000/018084/06)
Share Code : SFA ISIN Code : ZAE000031241
("Shops for Africa" or "the Company")
THE DISPOSAL BY SHOPS FOR AFRICA OF ITS 50% INTEREST IN SAMMY Q PROPERTIES
(PROPRIETARY) LIMITED
1. Introduction
Shops for Africa linked unit-holders ("unit-holders") are referred to the
circular to unit-holders dated 19 February 2004, wherein they were advised that
Shops for Africa had disposed of its entire property portfolio to ApexHi
Properties Limited and will be voluntarily wound-up. As part of the winding-up
process Shops for Africa has entered into an agreement to dispose of its 50%
interest in Sammy Q Properties (Proprietary) Limited ("Sammy Q") to Castle Rock
Properties (Proprietary) Limited ("Castle Rock") ("the disposal") for a disposal
consideration of R2.4 million in cash and the settlement of outstanding loan
accounts totalling R113 299 with effect from 15 April 2004.
2. The disposal
Sammy Q is a joint venture between Shops for Africa and Catalyst Capital
(Proprietary) Limited. It has as its only asset the property known as Sammy
Marks" Square Portion 2.
As the interest in Sammy Q was accounted for as an investment in an associate
under the equity method, the disposal will not have a material effect on the
earnings, distribution or net asset value per Shops for Africa linked unit.
3. Suspensive conditions
The transaction is not subject to any suspensive conditions.
4 Related party transaction and fair and reasonable opinion
Castle Rock is a subsidiary of Catalyst Holdings (Proprietary) Limited, which is
the holding company of Catalyst Property Asset Managers (Proprietary) Limited,
the contracted property asset manager of Shops for Africa. As such the disposal
constitutes a small related party transaction in terms of section 10 of the JSE
Securities Exchange South Africa ("JSE") Listings Requirements, and therefore
requires an opinion from an independent professional expert acceptable to the
JSE that the terms of the disposal are fair and reasonable to the unit-holders
of Shops for Africa.
Sasfin Corporate Finance, a division of Sasfin Bank Limited (`Sasfin"), has been
appointed by the board of directors as the independent expert and has provided
the JSE with written confirmation that the disposal is fair and reasonable to
unit-holders. The full text of the opinion of Sasfin will lie for inspection
at the registered office of the company at 6th Floor, Protea Place, Protea Road,
Claremont, Cape Town, for a period of 28 days from the date of this
announcement.
Cape Town
29 March 2004
Sponsor
Sasfin Corporate Finance
(a division of Sasfin Bank Limited)
(Registration number 1951/002280/06)
Date: 29/04/2004 11:54:27 AM Produced by the JSE SENS Department
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