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TMT - Trematon - Disposal of 37.5% Interest in the Boulevard Park Trust & Withdrawal of Cautionary Announcement Trematon Capital Investments Limited (Incorporated in the Republic of South Africa) Registration number 1997/008691/06 Share code: TMT ISIN: ZAE000013991 ("Trematon" or "the company") DISPOSAL OF 37.5% INTEREST IN THE BOULEVARD PARK TRUST WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT 1. Introduction Shareholders are advised that Trematon, on 23 March 2012, via its wholly owned subsidiary, Tremtrade Proprietary Limited ("Tremtrade") has entered into an agreement for the disposal of its 37.5% beneficial interest in the Boulevard Park Trust ("Boulevard Park") to The Leaf Property Fund Trust ("Leaf") for the aggregate consideration of R39.3 million ("the consideration")("the disposal"). 2. Boulevard Park and the rationale for the disposal Boulevard Park effectively owns 49% of the Boulevard Park Office Park, an office park situated adjacent to the N2 highway on the periphery of the Cape Town CBD. The Boulevard Office Park was a greenfields development initiated and managed by Faircape Property Developers. The buildings were completed in 2008 following which the buildings were tenanted and the commercial areas optimised. The office park is fully let and the project is now a blue-chip investment grade property. Trematon has the opportunity to realise the value added by the project and use the resources to fund other ventures. 3. Terms of the disposal Trematon, via Tremtrade has disposed of its 37.5% interest in Boulevard Park to Leaf for the amount of R39.3 million. 4. Effective date of the disposal The effective date of the disposal is 30 April 2012 and the consideration will be payable by Leaf within 10 business days of the effective date. 5. Application of proceeds The consideration will be allocated as follows: 5.1 R16.6 will be allocated to the repayment of Tremtrade`s loan account in Boulevard Park; and 5.2 the balance of R22.7 million will be accounted for as a capital gain on the sale of Trematon`s interest in Boulevard Park and will be utilised to fund other investment opportunities. 6. Conditions Precedent The only outstanding condition precedent to the disposal is approval thereof by the Competition Commission. 7. Financial information The unaudited pro forma financial effects of the disposal are based on the published audited financial results of Trematon for the year ended 31 August 2011. The preparation of these pro forma financial effects are the responsibility of the directors of the company and it has been prepared for illustrative purposes only to provide information on how the disposal may have impacted on the results and financial position of Trematon. Because of the pro forma nature of these financial effects, it may not give a fair reflection of Trematon`s results or financial position. Before Adjust-Pro
ments forma after Earnings per share (cents) 8.5 4.9 13.4 Headline earnings per share 3.1 1.9 5.0 (cents) NAV per share (cents) 108 4 112 Tangible NAV per share (cents) 108 4 112 Weighted number of shares in 173 940 0 173 940 issue (`000) Number of shares in issue 173 821 0 173 821 (`000) Notes: 1.) The before column is based on the published audited financial results of Trematon for the year ended 31 August 2011. 2.) For statement of financial position purposes it is assumed that the disposal took place on 31 August 2011. 3.) For statement of comprehensive income purposes it is assumed that the disposal took place on 1 September 2010. 4.) The adjustments are based on the following assumptions and adjustments: - For statement of financial position purposes the disposal proceeds of R39.3 million were received in cash on 31 August 2011. - For statement of comprehensive income purposes the disposal proceeds of R39.3 million were received in cash on 1 September 2010; 5.) At 31 August 2011 the carrying value of the investment in Boulevard Park was R29.4 million. 6.) A capital gain is realized on the disposal on the portion of the investment realized over its cost and is subject to capital gains tax. 7.) The disposal proceeds were invested in a money market investment with a before tax return of 4,9%. 8. JSE Listings Requirements and withdrawal of cautionary announcement This announcement is published in terms of the JSE Listings Requirements as the disposal constitutes a category 2 transaction for the company. There are no related parties involved in the disposal. Having regard to the information set out in this announcement shareholders need no longer exercise caution when dealing in Trematon`s securities. 26 March 2012 Cape Town Sponsor Sasfin Capital (a division of Sasfin Bank Limited) Date: 26/03/2012 11:54:01 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.
