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LIBERTY HOLDINGS LIMITED - Voluntary Announcement by Liberty Holdings Relating to the Change of their Shareholding In Cullinan

Release Date: 03/04/2014 12:01
Code(s): LBH     PDF:  
Wrap Text
Voluntary Announcement by Liberty Holdings Relating to the Change of their Shareholding In Cullinan

Liberty Holdings Limited
Registration number 1968/002095/06
Incorporated in the Republic of South Africa
Share code: LBH
ISIN code: ZAE0000127148
("Liberty Holdings" or "the Company")

VOLUNTARY ANNOUNCEMENT BY LIBERTY HOLDINGS RELATING TO THE CHANGE OF THEIR
SHAREHOLDING IN CULLINAN HOTEL PROPRIETARY LTD (“CULLINAN”) JOINTLY HELD
WITH SOUTHERN SUN HOTEL INTERESTS PROPRIETARY LTD (“SOUTHERN SUN”), A
WHOLLY OWNED SUBSIDIARY OF TSOGO SUN HOLDINGS LTD (“TSOGO”)

Shareholders are advised that Liberty Group Ltd (“Liberty Group”), a
wholly-owned subsidiary of Liberty Holdings, has entered into a transaction
with Southern Sun where the two entities will restructure their respective
shareholdings in the jointly held asset, Cullinan.

Southern Sun will be increasing its equity interest by 10 percentage points
to 60% in Cullinan and will dispose of its Garden Court Kings Beach hotel
business to Cullinan. Liberty Group’s shareholding in Cullinan will dilute
to 40% and it will sell to Cullinan a portion of its hotel portfolio
consisting of the Garden Court Eastgate hotel, the Garden Court Hatfield
hotel, the Southern Sun Waterfront hotel, the StayEasy Eastgate hotel and
the Garden Court Kings Beach hotel property to Cullinan.

Tsogo has made a formal announcement of the transaction on SENS.

The transaction supports Liberty’s strategy of becoming the leading wealth
management company on the African continent. There are numerous initiatives
that are currently being considered as part of the STANLIB Direct Property
investment strategy. These include the upgrade, restructuring, acquisition
and disposal of assets that management believe will in time benefit
investors.

The cash proceeds of R762 million from this transaction, will be utilised
to fund further property opportunities.

The disposal is still subject to approval by the South African Competition
Authorities.

Johannesburg
3 April 2014

Sponsor: Merrill Lynch South Africa (Pty) Ltd
Legal Advisors: Werksmans Attorneys

Date: 03/04/2014 12:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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