ACC - ACC-Ross - Issue of terms in relation to the
ACC
ACC
ACC - ACC-Ross - Issue of terms in relation to the disposal of land known as the
bay and cautionary announcement
ACC-ROSS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/000059/06)
Share code: ACC ISIN: ZAE000077335
("Acc-Ross" or "the company")
ISSUE OF TERMS IN RELATION TO THE DISPOSAL OF LAND KNOWN AS THE BAY AND
CAUTIONARY ANNOUNCEMENT
Terms issued
As announced on 19 December 2006, Acc-Ross, through its wholly owned subsidiary,
Zamien Investments 66 (Proprietary) Limited ("the seller"), announced the
disposal of the development known as The Bay through the sale of Portion 166 De
Rust and the Remaining Extent of Portion 2, De Rust to Clidet No 677
(Proprietary) Limited and Clidet No 696 (Proprietary) Limited respectively
(together known as "the purchaser"). The purchaser represents a consortium of
investors comprising the Carnoustie Investment Trust, the Sibo and Busi
Investment Trust and the Walden Business Trust. The disposal is for a total
purchase consideration of R195 550 000, through a number of agreements dated 14
December 2006 and an addendum dated 27 December 2006, subject to certain
conditions precedent, one of which was written confirmation from banks of grant
of loan funding to the purchaser of R95 550 000 by no later than 14 February
2007
Shareholders are advised that letters were issued on 14 February 2007 by two
leading banking institutions. However, the letters indicated that the funding
required approval by the respective credit committees of the banks. The board
of directors has accordingly advised the prospective purchasers that proof of
funding had not been received and that the company has invoked a provision of
the agreements for proof of funding to be provided within 10 business days,
commencing 15 February 2007. In the event that proof of funding is not received
by 28 February 2007, then a breach provision will be invoked requiring
rectification within a further 10 business day period, ending 14 March 2007,
failing which the agreements may be cancelled.
The proposed circular to shareholders approving the disposal of The Bay will not
be finalised until such time as the required proof of funding has been provided.
Cautionary announcement
In light of the above, shareholders are advised to exercise caution in dealing
in their securities until a further announcement is made.
Johannesburg
20 February 2007
Designated Advisor
Arcay Moela Sponsors
Date: 20/02/2007 17:45:50 Produced by the JSE SENS Department.
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