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GILBOA PROPERTIES LIMITED - LIFTING OF SUSPENSION, UPDATE ON GILBOA AND CAUTIONARY ANNOUNCEMENT GILBOA PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1986/004649/06) (`Gilboa` or `the company`) ISIN Code: ZAE 000010286 Share code: GLB LIFTING OF SUSPENSION, UPDATE ON GILBOA AND CAUTIONARY ANNOUNCEMENT The directors of Gilboa are pleased to announce that the JSE Securities Exchange South Africa (`JSE`) has approved the lifting of the suspension in trade of the company`s securities (`the suspension`) with effect from commencement of business on Monday, 16 August 2004. The suspension has been lifted following the JSE`s recent announcement that the Venture Capital Market (`VCM`) would not be closing. The continued suspension resulted following the acquisition of 100% of the shares in and claims against Absolute Tiles (Proprietary) Limited (`Absolute Tiles`) for a purchase consideration of R8 000 000, approved at a general meeting of shareholders on 13 November 2003, and which acquisition was deemed a reverse listing by the JSE. Due to the intended closure of the VCM at that point in time, the company was advised that they would be required to apply to either the Main Board or the Alternative Exchange (`AltX`). Absolute Tiles commenced its business in the first half of 2002. Absolute Tiles is a tile retailer focusing on the property and retail consumer market locally and internationally and has retail outlets in Pretoria East, Fourways and Cape Town. Absolute Tiles owns 49% in The Absolute Coleccion (Proprietary) Limited (`Absolute Coleccion`) and Calulo Investments (Proprietary) Limited (`Calulo`), a black economic empowerment company, owns the other 51% in Absolute Coleccion. Absolute Coleccion commenced business in the second half of 2003 when it applied for a mining permit for permission to mine slate, dimension stone and other sedimentary deposits. Subsequently, Absolute Coleccion has acquired cession of the mineral rights in a diamond quartzite deposit at Lekkersing and has submitted its application for a mining license to the Department of Minerals and Energy. Other smaller deposits have also been secured during 2004. As previously announced on SENS and in the press on 17 December 2003, in terms of an agreement (`the Calulo agreement`) signed on 15 December 2003, Gilboa will, through Absolute Tiles, acquire the remaining 51% of the shares in and claims against Absolute Coleccion, from Calulo, which agreement was previously subject to the transfer of Gilboa`s listing to the Main Board. This condition precedent has since been waived following a presentation to Calulo by AltX. It is the intention of the company to transfer its listing to AltX if and when AltX Advisory Committee approval is obtained. The Calulo agreement will result in Absolute Tiles holding 100% in Absolute Coleccion. The purchase price for the 51% shareholding is R12 000 000, to be settled through the issue of 100 000 000 new shares in Gilboa at an issue price of 12 cents per share, which represents a premium to the market price at which the shares were suspended. The shares will be issued to Calulo which will result in Calulo owning approximately 15% in Gilboa. The rationale for the acquisition is to increase Gilboa`s shareholding in the mining opportunities created in Absolute Coleccion and to introduce empowerment shareholding in Gilboa in line with the Mining Charter. The company is in the process of making an application for the transfer of its listing to AltX. At the same time the company intends changing its name to Absolute Holdings Limited. A Competent Person`s Report is being finalised on the diamond quartzite deposit at Lekkersing for inclusion in a circular to shareholders. The acquisition and the change in name will require the approval of Gilboa shareholders in general meeting in terms of the JSE Listings Requirements. A circular will be forwarded to shareholders and a further announcement incorporating salient dates will be made in due course. Cautionary announcement Shareholders are advised that the company is in other negotiations unrelated to this announcement which may affect the price at which the company`s securities trade. Accordingly, shareholders are advised to exercise caution when dealing in their securities until a further announcement is made. Shareholders are also reminded to exercise caution in relation to the trading update as published on 21 June 2004. Johannesburg 13 August 2004 Sponsor Arcay Group Limited Date: 13/08/2004 04:16:59 PM Produced by the JSE SENS Department
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