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ING - Ingenuity Property Investments Limited - Announcement regarding the disposal of a property INGENUITY PROPERTY INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/018084/06) ISIN: ZAE000127411 JSE share code: ING ("Ingenuity" or "the Company") ANNOUNCEMENT REGARDING THE DISPOSAL OF A PROPERTY 1 Introduction Ingenuity shareholders are advised that the Company has entered into an agreement ("the Agreement") with the Trustees for the time being of the Procon GT Property Fund Trust ("Procon" or "the Purchaser"), in terms of which Ingenuity has sold the property known as Natural Stone Warehouse, situated at 11 Paarden Eiland Road, Paarden Eiland, Cape Town ("the Property") ("the Disposal"). The Disposal will become effective on transfer which is expected to be during January 2012 ("the Transfer Date"). 2 Rationale for the Disposal The Property was acquired in October 2007 when Ingenuity was restructured and has been upgraded and is fully let. The Company has disposed of this smaller asset in line with its strategy of growing its asset base and focus on larger strategic properties. The proceeds on the Disposal will be utilised to reduce borrowings and to apply to development initiatives of the Company. 3 Consideration for the Disposal The total consideration for the Disposal is R27.5 million ("the Disposal Consideration") and will be discharged in full by the Purchaser as follows: 3.1 by a cash deposit of R1.375 million on fulfillment of the last of the conditions precedent; and 3.2 by the furnishing of a bank guarantee for the balance of the Disposal Consideration within 14 days of the fulfillment of the last of the conditions precedent.
The Disposal Consideration is payable on the Transfer Date. 4 Conditions precedent All conditions precedent relating to the Disposal have been fulfilled.
5 Property specific information relating to the Property
Property Location Sector Gross Single Weighted Disposal Value of lettable or Multi- average Conside- the area m2 tenanted gross ration Property rental per Rm Rm
m2 R Erf 17639, 11 Retail 4 553 Multi 57.00 26.8 (1) Cape Town Paarden and 27.5 Eiland Indus- Road, trial Paarden Eiland, Cape Town Notes: 1 The value of the Property is based on a directors` valuation as set out in Ingenuity`s audited consolidated results for the year ended 31 August 2011. 6 Unaudited pro forma financial effects ("Financial Effects") of the Disposal The Financial Effects on earnings per share, headline earnings per share, net asset value per share and net tangible asset value per share have not been disclosed as these are not significant. The Financial Effects are the responsibility of Ingenuity`s board. 7 Categorisation of the Disposal The Disposal is categorised as a Category 2 transaction in terms of the JSE Limited Listings Requirements. 24 November 2011 Cape Town Investment bank and Sponsor Nedbank Capital Date: 24/11/2011 10:14:03 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.
