BONATLA PROPERTY HOLDINGS LIMITED - Voluntary Update Announcement in Relation to the Suspension of Trade in the Company's Securities

Voluntary Update Announcement in Relation to the Suspension of Trade in the Company's Securities

BONATLA PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/014533/06)
Share code: BNT
ISIN code: ZAE000013694
(“Bonatla” or “the Company”)


 VOLUNTARY UPDATE ANNOUNCEMENT IN RELATION TO THE SUSPENSION OF
               TRADE IN THE COMPANY’S SECURITIES


In accordance with paragraph 1.6 of the JSE Listings Requirements
which deals with the suspension of a Company’s securities by the
JSE Limited (“JSE”).Shareholders are referred to the
announcement published on 14 November 2012 and are advised of
further progress pursuant to the Company’s meeting with the JSE
Investigations Department during November 2012 with a view to
resolving any outstanding queries that the JSE may have in order
to allow the JSE to lift the suspension of trading in the
Company’s securities.

The Company was advised that it is primarily required to resolve
certain outstanding matters in relation to unresolved queries
that arose pursuant to the referral of certain IFRS accounting
matters to the GAAP Monitoring Panel (now known as the Financial
Reporting Investigations Panel (“FRIP”)) on the unqualified
annual financial statements for the year ended 31 December 2009
(“the 2009 AFS”).At the time, the Company was unaware that
certain matters remained outstanding but committed to resolve any
outstanding matters as speedily as possible, with assistance from
its auditors and IFRS advisor.To this end, the Company
responded a comprehensive response addressing both the JSE’s
earlier letters as well as the FRIP comments raised. In January
2013, the JSE responded, requesting the Company’s IFRS advisors
to respond directly to the JSE and to consider both the
accounting matters raised pertaining to the 2009 AFS as well as
the information contained in the two circulars issued to
shareholders during 2009.The Company’s IFRS advisor has
investigated the matter and prepared a comprehensive response,
which was delivered to the JSE on 03 April 2013 and the JSE is
now considering the responses.Whilst the IFRS advisors have
advised that the Company should have improved or expanded on some
disclosure in relation to certain transactions and IFRS matters,
the indication is that no material restatement of the 2009 AFS is
required.

The Company is now awaiting the response from the JSE to indicate
whether the finalisation of this matter to the satisfaction of
FRIP and the JSE will result in the JSE being satisfied with the
2009 AFS or the JSE requiring the restatement of the 2009 AFS.
It is the Company’s belief that, once the FRIP issues are
resolved, the resolution of the balance of the issues as detailed
in the announcement made on 14 November 2012 will follow and the
JSE will then be able to assess the status of the listing with
regard to the impact of the above and the Company will be able to
proceed with the circular to shareholders regarding, inter alia,
the acquisition of the Bluezone portfolio and other previously
announced transactions. In the interim, the Company has arranged
a scrip lending arrangement of 150 000 000 unlisted Bonatla
shares for Bluezone shareholders from CDA Property Consultants
Proprietary Limited in order to deliver shares in Bonatla to the
former Bluezone shareholders.

The Company continues with it intention to work constructively
and positively with the JSE to resolve any and all outstanding
issues as timeously as possible.

Johannesburg
24 April 2012

Sponsor
Arcay Moela Sponsors (Proprietary) Limited

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