Bonatla Property Holdings Ltd - Announcement
Bonatla Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
CODE BNT ISIN ZAE000013694
(`Bonatla`)
- Lapse of agreement to acquire share capital and loan accounts
- Audit process
- Correction of previous announcement
- Interest rate swap agreement
- Further cautionary announcement
LPC Manhattan Moela (Pty) Ltd is authorised to announce the following:
1. Lapse of agreement to acquire share capital and loan accounts
On 8 December 2004 Bonatla entered into an agreement to acquire from Alpina
Investments Ltd (`Alpina`) two wholly-owned subsidiaries. In terms of the
agreement signed between Alpina and Bonatla, the latter would acquire the entire
issued share capital and loan accounts of two of the principal property owning
subsidiaries of Alpina, namely, Ixia Trading 532 (Pty) Ltd Limited (`Ixia`) and
Gold Edge II (Pty) Limited (`Gold Edge II`), for a total consideration of R1 533
774 to be settled by the repurchase of the 9 022 199 `B` class Alpina linked
units held by Bonatla at 17 cents per linked unit.
The effective date of this transaction was 7 January 2005, subject to the
successful conclusion of various conditions precedent by 30 April 2005.
Conditions precedent were not fulfilled by either party by the completion date.
As a result the transaction lapsed on 30 April 2005.
2. Audit Process
The Bonatla audit to September 2003 has been finalised and the audit to
September 2004 is nearing completion. The financial results for both years
together with the reviewed March 2005 interim results will be published
simultaneously.
3. Correction of previous announcement
It was announced on 10 March 2005 that Dreamworld Investments (Pty) Limited
acquired 105 000 000 Bonatla shares from various holders for a total
consideration of R1 050 000, at 0,5 cent per share. The issue price was in fact
1 cent per share and not 0.5 cent as previously stated.
4. Interest swap agreement
As per the previous announcement dated 15 March 2005, the interest rate swap
agreement with Nedbank Group Ltd (`Nedbank`) on behalf of Nedbank Limited has
been settled by the signing on 26 April 2005 of a preference share subscription
agreement between Depfin and Bonatla.
The 5 (five) year preference shares carry 85% of prime interest payable six
monthly in arrear. If the company does not have money to pay the preference
share dividend is automatically accumulated. And if the company has cash
resources but elects not to pay the preference share dividend, such dividend
will accumulate and bear interest at prime overdraft rate plus two percent.
Details of the agreement will be disclosed to shareholders in a forthcoming
circular.
5. Further cautionary announcement
Further to the cautionary announcement dated 10 March 2005 shareholders are
advised that discussions are continuing, which, if successfully concluded, may
have a material effect on the shares of the company.
Shareholders are accordingly advised to continue to exercise caution in dealing
in the company`s shares until a further announcement in this regard is made.
Johannesburg
11 May 2005
Sponsor
LPC Manhattan Moela
LPC Manhattan Moela (Pty) Ltd
(Registration number 2001/009215/07)
Date: 11/05/2005 04:40:49 PM
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