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OLG
OLG
OneLogix - Acquisition Of Properties
Onelogix Group Limited
(Registration number 1998/004519/06)
Share code: OLG
ISIN: ZAE000026399
("OneLogix" or "the Company")
ACQUISITION OF PROPERTIES
INTRODUCTION
OneLogix, through wholly owned subsidiaries, has in effect acquired a number of
properties utilised by Vehicle Delivery Services ("VDS") in Pomona and Pinetown.
The properties have been utilised by VDS for a number of years and are
specialised for its operational requirements.
POMONA PROPERTY
OneLogix has acquired from Neville Bester the shares in and claims against
Starzone Investments (Proprietary Limited) and Road Sea (Proprietary) Limited,
which collectively own the commercial property in Pomona constituting the
company"s main operating premises and head office. The purchase consideration is
R8 million, to be funded by R7.28 million in mortgage finance and the balance in
cash. The effective date of the acquisition is 28 February 2006.
Both Starzone Investments and Road Sea will in due course adopt articles of
association in compliance with the JSE listing requirements.
SIM ROAD PROPERTY
A wholly owned subsidiary of OneLogix has acquired the commercial property
situated at 45 Sim Road Pomona from Apache Air Parts (Proprietary) Limited. The
purchase consideration is R3.6 million, to be funded by R2.52 million in
mortgage finance and the balance in cash on registration date, which should be
on or about 14 March 2006.
PINETOWN PROPERTY
A wholly owned subsidiary of OneLogix has acquired the commercial property
situated at 1/3 Goodwood Road Westmead Pinetown from LOT 7465 Pinetown Close
Corporation. The purchase consideration is R3.8 million, to be funded by R2.66
million in mortgage finance and the balance in cash on registration date, which
should be on or about 14 March 2006.
FINANCIAL EFFECTS RELATING TO THE ACQUISITIONS
These acquisitions will not have a significant effect on the historical interim
earnings per share, headline earnings per share, net asset value per share and
tangible net asset value per share in respect of OneLogix shares.
Pomona
14 March 2006
Designated and legal advisor
Java Capital (Proprietary) Limited
Warning: The listing of the ordinary shares in the company is on the ALTX.
Shareholders are advised of the risks of investing in a company listed on the
ALTX. Shareholders are advised that the JSE does not guarantee the viability or
the success of a company listed on the ALTX. In terms of the JSE Listings
Requirements a designated advisor has to be retained by the company. The
designated advisor is required to, inter alia, attend all board meetings held by
the company to ensure that all JSE Listings Requirements and applicable
regulations are complied with, approve the financial director of the company and
guide the company in a competent, professional and impartial manner. If the
company fails to retain a designated advisor it must make arrangements to
appoint a new designated advisor within 10 business days, failing which the
company faces suspension of trading of its securities. If a designated advisor
is not appointed within 30 days of its suspension the company faces the
termination of its listing without an offer to minority shareholders.
Date: 14/03/2006 08:08:04 AM Produced by the JSE SENS Department
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