CKS - Crookes Brothers Limited - Company Announcement

CKS - Crookes Brothers Limited - Company Announcement                           
CROOKES BROTHERS LIMITED                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 1913/000290/06)                                            
Share code: CKS     ISIN: ZAE000001434                                          
("Crookes" or the "company")                                                    
DISPOSAL OF FARMING PROPERTIES KNOWN AS THE KOMATIPOORT ESTATE, TO THE NATIONAL 
DEPARTMENT OF LAND AFFAIRS ("DEPARTMENT") IN ACCORDANCE WITH THE LAND           
RESTITUTION PROGRAMME OF THE SOUTH AFRICAN GOVERNMENT                           
Shareholders are referred to the announcement which was released on SENS on 7   
September 2009 wherein it was stated that the Department had not furnished the  
requisite undertaking for payment of the purchase price of R200 million for the 
Komatipoort Estate to the conveyancers in accordance with the provisions of the 
Agreement of Sale and Purchase.                                                 
Shareholders are now advised that the conveyancers have as at 6 July 2010       
received the purchase price of R200 million from the Department.                
In terms of the Agreement of Sale and Purchase, Crookes is entitled to interest 
on any part of the purchase price not paid by the Department at a rate of 15.5% 
per annum from the date of default to the date of payment. The Department has   
given notice that it intends to contest the payment of this penalty             
interest.Crookes has commenced the appropriate process to pursue its rights in  
this regard.                                                                    
Shareholders are further advised that the Company`s lease of the property from  
the Department commenced on the date of transfer, 2 July 2010, and farming      
operations on the property continue without interruption. The term of the lease 
is 5 years, renewable at the Company`s option for a further 5 years.            
Renishaw                                                                        
7 July 2010                                                                     
Sponsor                                                                         
Sasfin Capital                                                                  
(A division of Sasfin Bank Limited)                                             
Date: 07/07/2010 13:43:01 Supplied by www.sharenet.co.za                     
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