Go Back Email this Link to a friend

A E C I Limited - Fulfillment Of Conditions Precedent

Release Date: 28/01/2014 16:13:00      Code(s): AFE     
Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE ISIN No. ZAE000000220


Shareholders of AECI (?Shareholders?) are referred to the announcement released on the
Securities Exchange News Service of the JSE Limited on Monday, 4 November 2013 which
provided details of the disposal by AECI of its surplus property assets at Modderfontein and its
property development business, to Shanghai Zendai Property Limited (?Shanghai Zendai?) (?the

Shareholders are advised that the following conditions precedent to the Transaction have been

1. the approval in writing of the Competition Commission in South Africa, in terms of the
    Competition Act No. 89 of 1998, as amended;

2. the passing by the shareholders of Shanghai Zendai of all resolutions required to approve
    the Transaction;

3. the passing of all the necessary Directors? and shareholders? resolutions of the AECI parties
    to the Transaction; and

4. Heartland Leasing Proprietary Limited, acting as an agent for AECI, and ImproChem
    Proprietary Limited (?ImproChem?) have entered into a lease in respect of the ImproChem
    building in a form satisfactory to both Shanghai Zendai and AECI.

The AECI parties to the Transaction have now commenced the process to transfer properties
subject to the Transaction which have an aggregate acquisition price of R513 million (including
VAT) or such lesser amount as agreed by Shanghai Zendai (?First Tranche?), to the South
African subsidiaries of Shanghai Zendai, namely Zendai Development (South Africa) Proprietary
Limited and Zendai Investment Management (South Africa) Proprietary Limited. AECI
anticipates this transfer should be completed by no later than 31 July 2014, subject to the
relevant extension provisions of the Transaction. The Transaction will become effective on
transfer of the First Tranche. Shareholders will be updated once this process has completed.

Woodmead, Sandton

28 January 2014

Investment Bank, Structuring Adviser and Transaction Sponsor

The Standard Bank of South Africa Limited

Legal Adviser

Webber Wentzel


Date: 28/01/2014 04:13:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.