INGENUITY PROPERTY INVESTMENTS LTD - Further announcement regarding the acquisition of a property in Century City

Further announcement regarding the acquisition of a property in Century City

INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE 000127411 JSE share code: ING
(“Ingenuity” or “the Company”)


FURTHER ANNOUNCEMENT REGARDING THE ACQUISITION OF A PROPERTY IN CENTURY CITY

 1. Introduction

     Shareholders are referred to the announcement released on SENS on 10 November 2014 setting
     out full details of the acquisition by the Company of Erf 6954 Montague Gardens (“the
     Property”) (“the Acquisition”).

 2. Categorisation of the Acquisition

     In terms of section 10.1 of the JSE Listings Requirements, the Acquisition was classified as a
     “small related party” transaction as Ingenuity was transacting with Rabie Property Group
     Proprietary Limited, an associate (as defined in the JSE Listings Requirements) of Mr L H Cohen,
     a non-executive director of Ingenuity.
     Ingenuity therefore appointed Mills Fitchet Magnus Penny (“the Independent Valuer”), who is
     an independent registered valuer as defined in Section 13 of the JSE Listings Requirements, to
     perform an independent valuation of the Property. Based on the value of the Property arrived at
     by the Independent Valuer, being R11 985 200, the directors of Ingenuity are of the opinion that
     the terms and conditions of the Acquisition are fair to shareholders.

     The JSE has approved a summary of the independent valuation report of the Property prepared
     by the Independent Valuer and the full independent valuation report is available for inspection
     at the registered office of the Company, Suite 102, 1st Floor, Intaba, 25 Protea Road, Claremont,
     Cape Town, during normal business hours for a period of 28 days from the date of this
     announcement.

 3. Value of and profits attributable to the net assets of the Acquisition

     The Property being acquired is vacant land and will be funded entirely by way of a bank finance
     loan. As the Property will be developed, the finance charges on the loan will be capitalised
     during the development phase which is expected to be approximately 18 months. Accordingly,
     there is no financial effect on net assets nor the after tax profits of the Company.

2 December 2014

Cape Town


Investment bank and Sponsor
Nedbank Capital

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