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Small Related Party Transaction and General Update
Argent Industrial Limited
(Registration number 1993/002054/06)
(Incorporated in the Republic of South Africa)
Share Code: ART
ISIN: ZAE000019188
(“Argent” or “the Company”)
SMALL RELATED PARTY TRANSACTION AND GENERAL UPDATE
1. Introduction and rationale
Argent Industrial Investments Proprietary Limited (“Argent
Industrial”), a wholly owned subsidiary of Argent, has entered
into an agreement, whereby Argent Industrial has agreed to
dispose of a property, Erf 510, Alrode Ext. 7, 8 Borax Street,
Alrode (“the Property”)to NWN Automotive Precision Engineering
Proprietary Limited (“the Purchaser”) for a purchase consideration
of R5 million payable in cash (“the Transaction”).
The rationale for the disposal is that the Property is no
longer required by the Company and the Company will utilise
the sale proceeds to repay the Company’s bank bonds.
2. The consideration and conditions precedent
2.1 The cash consideration of R5 million for the Property will
be settled in full within 48 hours of the transfer and
registration of the Property into the name of the Purchaser
in the relevant Deeds Office.
2.2 There are no outstanding conditions precedent.
3. Pro forma financial effects
In terms of the Listings Requirements of the JSE Limited
(“JSE”), the effects of the Transaction are not significant
and are below the reporting threshold.
4. Categorisation and related party
4.1 Due to the fact that the Purchaser is an associate of Mr
Treve Hendry and Ms Susan Cox, both directors of Argent,
the Transaction is deemed to be a “related party trans-
action” in terms of section 10 of the JSE Listings
Requirements.
4.2 However, as the Transaction amounts to less than 5% of
the market capitalisation of Argent as at 12 September
2014, the Transaction is classified as a “small related
party transaction” in terms of paragraph 10.7 of the JSE
Listings Requirements and written confirmation is
required from an independent expert confirming the fairness
of the terms of the Transaction in relation to Argent
shareholders.
4.3 Accordingly, Argent has appointed D.B Jordaan as the
independent expert who has provided written confirmation
to the JSE that the terms of the Transaction are fair in
relation to Argent shareholders (“Valuation Report”). The
Valuation Report will lie open for inspection at the
registered office of Argent for a period of 28 days from
the date of publication of this announcement.
4.4 Based on the valuation report, the board of directors of
Argent is of the opinion that the Transaction is fair to
Argent shareholders.
4.5 This announcement is made for information purposes only
and no action is required by Argent shareholders with
regards to the Transaction.
5. General update on property sale
5.1 Following on from the closure of loss-generating businesses,
the Company can report that the Gammid George property, will
be going on auction on 14 October 2014. An offer of R12 million
has been received for the Phoenix Steel Mpumalanga property,
but it is believed to be worth more.
5.2 The Company has received offers for both Gammid Cape and Atomic
Office Equipment, the terms of which are still in the process of
being negotiated.
Umhlanga
12 September 2014
Sponsor: PSG Capital Proprietary Limited
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