Sharenet Sites 
Sharenet Sites
Disposal of properties
ASTRAPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1995/009169/06)
Share Code: APK
ISIN: ZAE000096962
Share Code: APKP
ISIN: ZAE000087201
(“Astrapak”)
DISPOSAL OF PROPERTIES
1. Introduction and rationale
Astrapak Property Holdings Proprietary Limited (“APH”), a wholly-owned subsidiary of
Astrapak, has entered into an agreement (“Transaction Agreement”) to dispose of certain
properties located in the industrial area of Denver, Johannesburg. The properties,
consisting of a number of warehouses, production facilities and offices measuring
approximately 40,941 square meters under roof in the aggregate (“the Properties”),
together with their related letting enterprises (together “the Property Businesses”), are
being acquired by Injalo Warehousing Proprietary Limited, a subsidiary of Trueprop
Proprietary Limited (“Injalo”) (“the Transaction”).
The decision to dispose of the Property Businesses accords with Astrapak’s strategic
objective to dispose of its residual properties already classified as assets held for sale.
2. Nature of the Transaction
In terms of the Transaction Agreement, APH will dispose of the Property Businesses to
Injalo on a going concern basis. The business of Thermopac (a division of Astrapak
Manufacturing Holdings Proprietary Limited) will continue to occupy a portion of the
properties as tenant on existing terms. The balance of the properties is occupied by
unrelated third parties.
3. Transaction consideration
The aggregate consideration payable in respect of the Transaction is R88 million.
The purchase consideration will be settled in cash and will be applied by Astrapak to
further reduce its level of gearing.
4. Financial information on the Property Businesses
As at the financial year ended 29 February 2016, the net book value of the Properties in
APH was R29.8 million. The Property Businesses generated turnover of R5.2 million in the
form of rental income and had an attributable loss of R1.2 million for the financial year
ended 29 February 2016.
5. Conditions precedent
Other than for the delivery of the requisite bank issued guarantees and registration of
transfer of the Properties in the Deeds Office, the Transaction is not subject to any further
conditions precedent.
There is an obligation on Astrapak to complete certain remedial work in respect of the
Properties which APH commenced prior to the Transaction being agreed between the
Parties and which is due for completion in the next few weeks.
6. Effective date
The effective date of the Transaction will be the date of registration of transfer of the
Properties in the Deeds Office, expected to be on or about 31 January 2017.
7. JSE categorisation
The Transaction is a Category 2 transaction in terms of paragraph 9.5(a) of the JSE
Limited Listings Requirements and accordingly no shareholder approval is required.
8. Cautionary renewal announcement of 10 November 2016
Shareholders are advised that the cautionary renewal released on the Stock Exchange
News Service on 10 November 2016 is not related to this announcement and shareholders
are therefore advised to continue exercising caution when trading in their Astrapak shares.
Johannesburg
15 November 2016
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/11/2016 09:57:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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