RBA HOLDINGS LIMITED - DISPOSAL OF ERF 1188, BEVERLY EXTENSION 64, CITY OF JOHANNESBURG

RBA Holdings Limited 
(Incorporated in the Republic of South Africa) 
(Registration number 1999/009701/06) 
JSE Share Code: RBA  ISIN: ZAE000104154 
("RBA" or "the company")


DISPOSAL OF ERF 1188, BEVERLY EXTENSION 64, CITY OF JOHANNESBURG 
 
1. INTRODUCTION 
 

RBA Executive Homes (Pty) Ltd, a subsidiary of RBA, has accepted an offer on 12 July 2012 to sell Erf 
1188, Beverly Extension 64, City of Johannesburg ("the property") ("the disposal") to Shell SA Marketing 
(Pty) Ltd ("Shell")("the purchaser"). 
 
2. RATIONALE FOR DISPOSAL 
 

The property was originally acquired for residential development but over time the property has become 
better suited for commercial purposes, which is not RBA's core business and therefore has been 
disposed of. The proceeds from the sale will provide a cash flow injection and will be utilised to settle 
certain liabilities. 
 
3. DESCRIPTION OF THE PROPERTY 
 

The property is situated along William Nicol Drive, Fourways, Johannesburg.  
 
4. TERMS AND CONDITIONS OF THE DISPOSAL 
 

4.1   RBA has agreed to dispose of the property to Shell for R6 500 000. 
 
4.2 The purchase price is exclusive of VAT. 
 

4.3 The disposal is subject to the following conditions: 
  

4.3.1 the successful conclusion of a formal sale agreement; 

4.3.2 confirmation that RBA is the owner of the property; 
4.3.3 approval of the sale by the Shell board. 
 

5. UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL 
 

The unaudited pro forma financial effects set out below are provided for illustrative purposes only to provide 
information about how the disposal may have impacted on RBA's results and financial position. The pro 
forma financial effects have been prepared in accordance with International Financial Reporting Standards. 
Due to the nature of the unaudited pro forma financial information, it may not give a fair presentation of the 
company's results and financial position after the disposal. The unaudited pro forma financial effects are 
based on the audited financial information of RBA for the year ended 31 December 2011. The directors of 
RBA are responsible for the preparation of the unaudited pro forma financial effects.


                                                   Before the   Pro forma After the
                                             disposal audited    disposal unaudited
                                                  31 December      31 December 2011
                                                         2011                               Change


Earnings per share (cents)                               1.18                  1.59         34.75%
Headline earnings per share (cents)                      2.16                  2.16             0%
Net asset value per share (cents)                       15.36                 15.77          2.67%
Net tangible asset value per share (cents)              13.12                 13.53          3.13%
Weighted average shares in issue                  337 878 022           337 878 022
Number of shares in issue at year end             340 000 000           340 000 000

Notes: 

(1) For the purpose of calculating the earnings and headline earnings per share, it is assumed that the disposal 
was implemented on 1 January 2011 and for the purpose of calculating the net asset value and the net 
tangible asset value per share, it is assumed that the disposal was implemented on 31 December 2011. 
(2) The "Before the disposal" column has been extracted without adjustment, from the audited results of RBA for 
the year ended 31 December 2011. 

(3) The "After the disposal" earnings per share includes a profit on the disposal of R1,6 million. This profit has 
been deducted for the calculation of headline earnings per share.  

(4) The "After the disposal" net asset value and net tangible asset value per share have been adjusted to 
exclude the value of the property. 
 
6 CATEGORISATION OF THE DISPOSAL 
 

The disposal is categorised, in terms of the JSE Limited's Listings Requirements, as a Category 2 
transaction and does not require shareholders' approval. 
 
7. FURTHER ANNOUNCEMENT 
 

Shareholders will be notified once a formal agreement has been finalised and signed. 
 
 
18 July 2012 
Johannesburg 
 
 
Designated Adviser 
Exchange Sponsors

Date: 18/07/2012 11:55:00 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.