CHANGE OF CONTROL, OFFER TO MINORITIES AND CAUTION
BONATLA - CHANGE OF CONTROL, OFFER TO MINORITIES AND CAUTIONARY ANNOUNCEMENT
Bonatla Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
CODE BNT ISIN ZAE000013694
(`Bonatla` or `the Company`)
CHANGE OF CONTROL, OFFER TO MINORITIES AND CAUTIONARY ANNOUNCEMENT
Change of control
Further to the cautionary announcement published on 4 November 2004, Imara
Corporate Finance South Africa (Pty) Limited is authorised to announce that on 1
December 2004, Bonatla was informed that the transfer of 105 000 000 Bonatla
ordinary shares from Letswin CC to Dream World Investments 158 (Pty) Limited
(registration number 2004/011459/07) (`Dream World`) had been effected.
This transaction constitutes a change of control in Bonatla. Dream World
acquired the shares for R525 000, equivalent to 0,5 cents per share. The holding
acquired represents 56,65% of the 185 346 954 Bonatla shares in issue.
The director and sole shareholder of Dream World is Robin L Rainier.
This transaction constitutes an affected transaction in terms of the Securities
Regulation Code on Takeovers and Mergers.
Offer to minorities
Dream World has made an application to the Securities Regulation Panel (`SRP`)
for a dispensation to waive the requirement for a mandatory offer to be made to
the minority shareholders of the company based on the de minimus principle, as
the applicant is of the opinion that an offer to shareholders of 0,5 cents per
share could be considered to be too small to be meaningful. The SRP has
requested further information from Bonatla and the applicant and will only make
a ruling once it has received and evaluated the requested information.
Future intentions
The new controlling shareholder of Bonatla intends to restructure Bonatla and to
acquire assets as the intention is to maintain Bonatla`s listing on the JSE
Securities Exchange South Africa.
Cautionary Announcement
With reference to the offer to minorities and the proposed restructure and
acquisition referred to above, shareholders are advised to continue to exercise
caution when dealing in the company`s securities until a further more detailed
announcement is made in this regard.
Johannesburg
3 December 2004
Sponsor:
Imara Corporate Finance South Africa (Pty) Limited
Date: 03/12/2004 10:35:09 AM
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