Seardel - Disposal of Plettenberg Bay property and
Seardel - Disposal of Plettenberg Bay property and withdrawal of cautionary
Seardel Investment Corporation Limited
Registration no. 1968/011249/06
Share Code: SER & ISIN Code: ZAE000029815
Share Code: SRN & ISIN Code: ZAE000030144
("Seardel")
DISPOSAL OF PLETTENBERG BAY PROPERTY AND WITHDRAWAL OF CAUTIONARY
Seardel Group Trading (Proprietary) Limited ("SGT"), a wholly-owned subsidiary
of Seardel, has agreed to sell a residential property located in Plettenberg Bay
("the property") to the A Searll Descendants Trust ("the purchaser").
The total purchase consideration for the property is R15 600 000 (which together
with VAT equates to R17 784 000), which will be settled in cash by the purchaser
on the transfer date.
The disposal is in line with Seardel"s previously disclosed strategy to dispose
of its non-core properties. The sale proceeds will be utilised to discharge
debt.
The disposal will not have a material effect on the historical earnings per
share, headline earnings per share, net asset value per share and tangible net
asset value per share in respect of Seardel shares.
The disposal is a related party transaction. Ernst & Young, in their capacity as
an independent expert, have confirmed in writing that the terms of the disposal
are both fair and reasonable to Seardel shareholders.
A copy of Ernst & Young"s fair and reasonable opinion statement is available for
inspection until 9 January 2006 at the offices of Seardel, being 2nd Floor,
Seardel House, Alphen Park, Constantia Main Road, Constantia, Cape Town.
WITHDRAWAL OF CAUTIONARY
Shareholders are no longer required to exercise caution in their dealings in
Seardel shares.
Cape Town
20 December 2005
Sponsor to Seardel
Java Capital (Proprietary) Limited
Independent expert
Ernst & Young
Date: 20/12/2005 11:38:16 AM Produced by the JSE SENS Department
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