Alpina - Lapsing of agreement to dispose of proper
Alpina - Lapsing of agreement to dispose of properties and further cautionary
ALPINA INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa) (Registration number:
1997/21085/06)
Share Code: ALA ISIN: ZAE000048377
(`Alpina` or `the company`)
LAPSING OF AGREEMENT TO DISPOSE OF PROPERTIES AND FURTHER CAUTIONARY
ANNOUNCEMENT
Introduction
Imara Corporate Finance South Africa (Pty) Ltd is authorised to announce that
the agreement entered into on 8 December 2004 to dispose of two wholly owned
property-owning subsidiaries has lapsed.
Disposal of property portfolios to Bonatla
The agreement signed in December 2004 between Alpina and Bonatla Property
Holdings Limited (`Bonatla`), for the disposal of two principal property owning
subsidiaries of Alpina, i.e. Ixia Trading 532 (Pty) Limited (`Ixia`) and Gold
Edge II (Pty) Limited (`Gold Edge II`) for a total consideration of R1 533 774
was 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 transaction`).
The transaction was subject to the successful conclusion of various conditions
precedent being completed by 30 April 2005. On 26 April 2005, Alpina offered to
extend the completion date, which was not accepted by Bonatla.
Alpina has entered into negotiations to dispose of Gold Edge II and is re-
evaluating alternatives for Ixia, including the disposal of properties to
Bonatla.
Acquisition of the Orion property portfolio
In an announcement to linked unit holders on 10 March 2005, it was stated that
one of the agreements pertaining to the acquisition of a property portfolio from
the Orion Group of companies had not yet been signed. This agreement, in respect
of the acquisition of the company owning Orion Centre for R34 200 000, has been
signed. The due diligence is scheduled for completion in the next two weeks.
Circular to Linked Unit Holders
Once clarity is obtained on the negotiations and deliberations referred to
above, a further announcement will be made, whereafter a circular to Alpina
linked unit holders will be finalised and posted to linked unit holders of
Alpina.
Further Cautionary Announcement
Linked unit holders are advised to continue to exercise caution in dealing with
their linked units in Alpina until a further announcement is made.
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
11 May 2005
Date: 11/05/2005 09:48:08 AM
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