ACSION LIMITED - Acquisition of Property in Greece

Acquisition of Property in Greece

ACSION LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/182931/06)
Share code: ACS   ISIN: ZAE000198289
(“Acsion” or “the Company” or “the Group”)


ACQUISITION OF PROPERTY IN GREECE


1. INTRODUCTION

   The board of directors of Acsion (“the Board”) is pleased to inform shareholders that on 8 February
   2023 the Company acquired an unoccupied industrial property (“Property”) in Pilea, Greece on auction
   for €9,237,501 (“Purchase Price”) as detailed below (“the Acquisition”).

   The Property was previously owned by Philkeram-Jonson S.A (“Philkeram”), a company incorporated
   in Greece which was declared insolvent in 2011. Due to the liquidation proceedings, details regarding
   the beneficial owners is not available. Neither Philkeram, nor the auctioneer, are related parties to the
   Company.

2. THE ACQUISITION

   2.1   Details of the Property

         The Property in extent of a total of approximately 13 (thirteen) hectares, together with all permanent
         improvements thereon, is situated in Pilea, Greece.

   2.2   Rationale for the Acquisition

         The Board, which continuously evaluates offshore development opportunities and property
         acquisitions where the required return on investment is available, believes that the Acquisition is
         aligned with the Company’s portfolio diversification strategy.

         The Property, which will be redeveloped following registration of transfer of the Property into the
         name of the Company (“Transfer”), was acquired “voetstoots” for €1 above the opening
         bid/reserve price of €9,237,500 pursuant to the auction. The Board is of the opinion that the
         Acquisition provides an opportunity for the Company to increase the NAV of the Group because
         it was acquired at a significant discount to the original replacement cost.

   2.3   Conditions precedent and effective date

         The Acquisition is not subject to any conditions precedent and the necessary regulatory
         requirements have been fulfilled.

         The date of Transfer, which will be the effective date of the Acquisition, is highly unpredictable
         and can’t be anticipated with certainty.

         Acsion is currently in negotiations to take possession and occupation of the Property as soon as
         possible.

   2.4   Purchase Price

         The Purchase Price, being an amount of €9,237,501, is payable in cash by Acsion upon receipt
         of certification of the results of the auction from the auctioneer, in accordance with the laws of
         Greece.

   2.5   Other significant terms

         No agent fees or other costs in relation to the Acquisition have been incurred by Acsion.

3. VALUATION OF THE PROPERTY

   In light of the circumstances set out in paragraph 1 above, the Property has not been independently
   valued by a professional valuer, or professional associate valuer, in terms of the Property Valuers
   Profession Act, No 47 of 2000. The Board is however, of the opinion that Purchase Price reflects the
   value of the Property and has based its opinion on the independent valuations completed by Messrs
   Aristides Papoti and Balidi Theologou, both being REV-AVAG recognised valuers and Certified
   Property Valuers with the Greek Ministry of Finance, in May 2022, on behalf of the auctioneer which
   were published on the auctioneer’s website. The reserve price was based on the valuations performed.

   The Board is not considered independent for this purpose, and its members are not registered as
   professional valuers or as professional associate valuers in terms of the Property Valuers Profession
   Act, No 47 of 2000.

4. FINANCIAL INFORMATION

   In light of the circumstances set out in paragraph 1 above, access to the requisite financial information
   attributable to the Property, namely the value of the net assets and profits/losses, is not available.

5. CATEGORISATION OF THE ACQUISITION

   The Acquisition is classified as a Category 2 transaction in terms of the Listings Requirements of JSE
   Limited.


Johannesburg
10 February 2023


Sponsor
Merchantec Capital

Date: 10-02-2023 02:54:00
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