TRANS HEX GROUP LIMITED - Proposed disposal by Trans Hex of its head office building

Release Date: 06/09/2018 16:30
Code(s): TSX
 
Wrap Text
Proposed disposal by Trans Hex of its head office building

TRANS HEX GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1963/007579/06
ISIN: ZAE000018552
Share code: TSX
(“Trans Hex” or the “Company”)


PROPOSED DISPOSAL BY TRANS HEX OF ITS HEAD OFFICE BUILDING


Trans Hex shareholders are advised that, on Wednesday, 5 September 2018, Trans Hex Operations
Proprietary Limited (“THO”), a wholly owned subsidiary of Trans Hex, entered into an agreement of sale
with Mr Darren Goodman and Mr Adam Singer, in their capacity as directors of, and on behalf of, a
company yet to be incorporated (the “Purchaser”), (“Agreement”), in terms of which THO has agreed
to sell its head office building (“Property”) to the Purchaser, for a total cash consideration of
R28.5 million (exclusive of value added tax payable in respect of the Property) (“Purchase Price”),
(the “Disposal”).

The Property is located at 405 Voortrekker Road, Parow 7500, South Africa and has been used as the
registered and head office of the Company for 29 years. The carrying value of the Property as at
31 March 2018 amounted to R1 232 099. The Disposal is expected to provide the Company with
additional capital to fund its working capital requirements and / or future operational growth.

The Disposal remains conditional on, inter alia, the satisfactory completion of a due diligence by the
Purchaser into the affairs of the Property and the registration of transfer of the Property into the name
of the Purchaser by 3 December 2018 (or as soon as practically possible thereafter) (“Expected
Transfer Date”), subject to the Parties having complied with their respective obligations in terms of the
Agreement. Should the Expected Transfer Date be delayed as a result of a breach by the Purchaser of
its obligations in terms of the Agreement, then the Purchaser shall pay interest at a rate of prime plus
2% per annum (or part thereof) on the Purchase Price for the period from when the transfer should have
occurred up until the date of the actual transfer.

For the avoidance of doubt, the Purchaser is independent of and is not a related party of the Company,
as contemplated in the JSE Limited Listings Requirements (“Listings Requirements”). The Disposal
is classified as a category 2 transaction in terms of paragraph 9.5(a) of the Listings Requirements.


Cape Town
6 September 2018

Sponsor
One Capital

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