SBL - Sable Holdings - Disposal Of Shares In A Subsidiary And Various Investment

SBL - Sable Holdings - Disposal Of Shares In A Subsidiary And Various Investment
              Properties Renewal Of Cautionary Announcement                     
SABLE HOLDINGS LIMITED                                                          
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)                                  
(REGISTRATION NUMBER 1968/010636/06)                                            
("SABLE" OR "THE GROUP")                                                        
SHARE CODE: SBL          ISIN: ZAE000006383                                     
DISPOSAL OF SHARES IN A SUBSIDIARY AND VARIOUS INVESTMENT PROPERTIES            
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Introduction and terms                                                          
1.1 Shareholders are advised that Sable, through its 50% subsidiary Thistledown 
Properties 6 (Pty) Ltd, has entered into a sale of letting enterprise agreement 
dated 12 August 2009 in terms of which Sable will dispose of Stand 2112 Ferndale
known as "Ferndale Shopping Centre" for a consideration of R88,75 million to    
Stand 278 Strijdom Park (Pty) Ltd ("the first disposal").                       
The effective date of the first disposal was 18 November 2009, being the date of
transfer of the property.                                                       
1.2 Furthermore, shareholders are advised that Sable has entered into a sale of 
shares and cession of loan claim agreement dated 30 September 2009 in terms of  
which Sable will dispose of 50% of its shareholding and a cession of its loan   
claim in Howec Metals (1964) (Pty) Ltd to Liquid Mist Trade and Invest 112 (Pty)
Ltd ("the second disposal")for a consideration of R10 million. Howec Metals     
(1964) (Pty) Ltd owns a retail shopping centre known as "Hobart Grove Shopping  
Centre".                                                                        
The effective date of the second disposal was 30 September 2009.                
1.3 Shareholders are also advised that Sable, through its wholly-owned          
subsidiary Sable Place Properties 103 (Pty) Ltd, has entered into a sale of     
letting enterprise agreement dated 2 October 2009 in terms of which Sable will  
dispose of various properties held in Kya Sands, Johannesburg, for a total      
consideration of R28,35 million to Sable Place Properties 121 (Pty) Ltd ("third 
disposal").                                                                     
The effective date of the third disposal is the date of registration of the     
transfer of the property.                                                       
Settlement of the consideration                                                 
The consideration of all three disposals will be settled in cash on the         
prospective effective dates.                                                    
Description of and rationale for the disposals and application of the sale      
proceeds                                                                        
The rationale for first disposal, whereby Ferndale Shopping Centre has been     
disposed of, is to take advantage of a strong market related offer.             
The rationale for the second disposal is to partner with the expertise of a     
recognised building contractor and developer to re-develop Hobart Grove Shopping
Centre.                                                                         
The rationale for the third disposal is to reduce gearing within the Group and  
furthermore to take advantage of better quality investment property assets that 
are currently on offer.                                                         
Background to the purchasers                                                    
Stand 278 Strijdom Park (Pty) Ltd is a company related to PSM Holdings (Pty)    
Ltd, which own a number of investment properties.                               
Liquid Mist Trade and Invest 112 (Pty) Ltd is a company related to Abbeydale    
Building and Civils (Pty) Ltd. Abbeydale Building and Civils (Pty) Ltd are      
building contractors.                                                           
Sable Place Properties 121 (Pty) Ltd is a consortium of investors investing in  
investment property.                                                            
All the above purchasers are independent parties to each other and to The Group.
Conditions precedent                                                            
There are no outstanding conditions precedent for the first disposal and the    
second disposal.                                                                
The only condition precedent outstanding in the third disposal is the delivery  
by Sable Place Properties 121 (Pty) Ltd of an unconditional guarantee for the   
purchase price to Sable`s conveyancer.                                          
Categorisation of the disposals                                                 
The first disposal is categorised as a Category 1 transaction in terms of the   
JSE Limited Listings Requirements.                                              
The second transaction and the third transaction are categorised as Category 2  
transactions in terms of the JSE Limited Listings Requirements.                 
7.   Cautionary announcement                                                    
Shareholders are advised that they should continue to exercise caution when     
dealing in The Group`s securities on the JSE until an announcement containing   
specific information relating to the properties, the subject of the disposals   
and the financial effects of the disposals are released.                        
7 April 2010                                                                    
Sponsor: Sasfin Capital                                                         
(A division of Sasfin Bank Limited)                                             
Date: 07/04/2010 17:43:01 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.