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BONATLA PROPERTY HOLDINGS LIMITED - Renewal of Cautionary Announcement

Release Date: 23/03/2017 15:35
Code(s): BNT     PDF:  
Wrap Text
Renewal of Cautionary Announcement

BONATLA PROPERTY HOLDINGS LIMITED
(Registration number 1996/014533/06)
Share code: BNT ISIN: ZAE000013694
(”Bonatla” or “the Company”)


RENEWAL OF CAUTIONARY ANNOUNCEMENT


1. Introduction

  Shareholders are referred to the previous renewal of cautionary announcements,
  the last of which was dated 8 February 2017, and are advised that certain
  negotiations referred to therein are still in progress or financial information is
  required to be announced.

  The JSE requires that the Company needs to address its current compliance with
  paragraph 4.28 of the JSE Listings Requirements. Due to on-going negotiations this
  assessment has still not been finalised, but will be provided to the JSE in due
  course. In the interim, the Company has commenced with the preparation of the
  circular to shareholders which will include details of all previously announced
  transactions and new transactions, which will address compliance with the JSE
  Listings Requirements.

2. Financial information still to be announced

  - Share-swap agreement for Kimberley Diamond and Jewellery Hub announced
    on 5 May 2014; and
  - Share-swap agreement for Lincoln Meade Park announced on 5 May 2014.

3. Discussions and on-going negotiations

  - A potential joint venture transaction with CPTech Proprietary Limited in
    Southern Africa and Mozambique;
  - Negotiations for the acquisition of rental properties in Mozambique.
    Negotiations are no longer proceeding for the acquisition of rental properties in
    Belize and;
  - Acquisition of 75.1% in a special purpose vehicle to be formed for the Jozini
    acquisition as previously announced, which negotiations have been extended
    to a strategic interest the Jozini Tiger Fish Lodge and the Jozini Estate
    development; and
  - Negotiations on various other income-producing property portfolios.

4. Update on the loan agreement, underwriting agreement and intended rights offer
   with the Kinfedi Consortium (“Kinfedi Agreement”)

  Shareholders are referred to the announcement of the Kinfedi Agreement
  released on SENS on 23 December 2016, wherein it was noted, inter alia, that the
  R800m of funding to be made available through the loan facility is expected to
  be available for draw down by the end of January 2017. Shareholders are
  advised that the effective date of the Kinfedi Agreement has been amended to
  30 April 2017 and that the funds are accordingly expected to be available for
  draw down from that date.

5. Renewal of Cautionary Announcement

  Shareholders are advised to continue exercising caution in dealing in the
  Company’s securities until further announcements are made detailing:

  (i)     the outstanding financial information detailed in paragraph 2 above;
  (ii)    the on-going discussions and/or negotiations detailed in paragraph 3
          above; and
  (iii)   the Kinfedi Agreement detailed in paragraph 4 above.




By order of the board
23 March 2017

                                        SPONSOR
                        Arbor Capital Sponsors Proprietary Limited

Date: 23/03/2017 03:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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