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BONATLA PROPERTY HOLDINGS LIMITED - Renewal of Cautionary Announcement

Release Date: 14/09/2017 16:59
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 3 August 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 (see 3 below); and
   - Share-swap agreement for Lincoln Meade Park announced on 5 May 2014 (see
     3 below).

3. Discussions and on-going negotiations

   - A potential joint venture transaction by CPTech Proprietary Limited in Southern
     Africa and Mozambique, including the expansion and recapitalisation of the
     CPTECH business;
   - Negotiations for the acquisition of rental properties in Mozambique are being
     finalised;
   - Negotiations on various other income-producing property portfolios;
   - Negotiations to restructure the Kimberley Diamond Hub transaction with the
     Government of the Northern Cape are being finalised; and
   - Negotiations to restructure the original Lincoln Meade transaction with the
     Msunduzi Municipality are proceeding.

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

  Shareholders are referred to the Renewal of Cautionary Announcement dated
  10 May 2017 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
  originally by the end of January 2017 and the update on Kinfedi Loan Agreement
  and Underwriting Agreement last dated 5 September 2017, whereby shareholders
  were advised that Kinfedi has requested a further extension to the date by which
  the funds will be made available to Bonatla for draw down and shareholders will
  be updated in this regard in due course. The effective date of the agreement has
  therefore been extended to 30 September 2017.

5. Negotiations terminated

   Negotiations regarding the acquisition of a special purpose vehicle to be formed
   for the Jozini acquisition as previously announced, have been terminated by
   Bonatla.

6. 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
14 September 2017

SPONSOR
Arbor Capital Sponsors Proprietary Limited

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