GOODERSON LEISURE CORPORATION LTD - Sale Of The Sanrock Resort

Sale Of The Sanrock Resort

Gooderson Leisure Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/004241/06)
JSE Share Code: GDN ISIN: ZAE000084984
  (“Gooderson” or “the company”)


  SALE OF THE SANROCK RESORT


1. INTRODUCTION

    Alawill Inv (Pty) Ltd (“Alawill”), a wholly owned subsidiary of Gooderson, has entered into an agreement for the
    sale as a going concern, of the Gooderson SanRock Resort (“SanRock resort”)(“the property”) and all moveable
    assets, to Dataforce Trading 10 Housing Consortium (Pty) Ltd (“the purchaser”), subject to the terms and
    conditions described below (“the sale”).

2. RATIONALE FOR THE SALE OF SANROCK RESORT

    The Sanrock resortdid not fit the Gooderson business model and accommodation
    profile.

3. DESCRIPTION OF SANROCK RESORT

    The SanRock resort is situated on Portion 77 of the Farm Rietspruit 412 Registration Division KR Limpopo,
    160km from Johannesburg in the Waterberg and is situated 5km outside Modimolle (Nylstroom) and rest in the
    heart of the Waterberg region in the Limpopo Province. The hotel consists of 30 twin rooms and 4 executive
    suites, 18 self-catering chalets which are fully furnished and equipped with a kitchenette, open plan lounge and
    dining room area and an en-suite bathroom and five conference rooms which can accommodate groups of 15
    to 400 delegates

4. TERMS AND CONDITIONS OF THE SALE

    4.1. On 3 December 2014 Gooderson entered into an agreement with the purchaser to sell the SanRock resort
         for R12 million subject to the following conditions precedent:

        4.1.1   on or before the 28 February 2015, the purchaser obtaining capital to finance the purchase price;
                and
        4.1.2   within 15 business days after the fulfilment of the above condition, the purchaser must deliver
                bank guarantees acceptable to Gooderson in respect of the purchase price.

    4.2 The purchase price is payable on registration of transfer of the property into the name of the purchaser.

    4.3 The purchaser of the property shall be entitled to take occupation of the property, subject to the
        fulfilment of the conditions precedent on 1 March 2015. If the date of occupation does not coincide with
        the transfer date of the property, the purchaser shall pay occupation rent of R95 000 per month excluding
        vat.

    4.4 The sale proceeds will be used in the business of Gooderson.

5.   CATEGORISATION OF THE SALE

     The sale is categorised, in terms of the JSE Listings Requirements, as a Category 2 transaction and does not
     require shareholders’ approval.

6. FURTHER ANNOUNCEMENT

     Shareholders will be notified once all the conditions precedent have been met.


     5 December 2014
     Durban


     Designated Adviser
     Exchange Sponsors

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