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ORION REAL ESTATE LIMITED - Renewal of Cautionary Announcement

Release Date: 26/03/2019 15:47
Code(s): ORE     PDF:  
Wrap Text
Renewal of Cautionary Announcement

ORION REAL ESTATE LIMITED
Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000075651
("Orion " or “the Company” or “the Group”)

RENEWAL OF CAUTIONARY ANNOUNCEMENT


PROMENADE SHOPPING CENTRE (“Promenade”)
Shareholders are referred to the detailed cautionary announcement published on 7 February 2019
whereby they were advised that the Orion Property Holding Trust (“the Seller”), a trust which holds
the properties managed by Orion Real Estate on behalf of the Company and for the benefit of the
Company had signed an agreement, subject to certain conditions precedent, for the disposal of the
rental enterprise, constituting the property known as the Promenade Shopping Centre, situate at
Remaining Extent of Erf 404, Nelspruit (“the Property”) and the leases managed by the Company in
respect thereof (the “Disposal”), as a going concern to Flameup Investments Proprietary Limited. The
Seller has accepted Flameup’s Offer to purchase the Property for a consideration of R185 million,
inclusive of VAT at 0%. Flameup is not a related party to the Seller and is represented by its Chief
Executive Officer Selwyn Smith.

Shareholders are hereby advised that the due diligence is still ongoing and certain conditions
precedent still need to be met. A further announcement will be made in due course.

ORION HOUSE ENTERPRISE
Shareholders are referred to the detailed cautionary announcement published on 26 February 2019
whereby they were advised that the Company has received an offer from Braamby Trading
Proprietary Limited (“Braamby” and the Trustees for the time being of the Truzen 130 Trust (“Truzen”),
(collectively the “Purchaser”) to purchase the property known as Orion House, situated at 49 Jorissen
Street, Johannesburg, Gauteng (“the Property”) and the leases managed by the Company in
respect thereof (together the “Disposal”). Truzen is associated with Zenprop Property Holdings
Proprietary Limited and neither Braamby nor Truzen are related parties to Orion.

Shareholders are hereby advised that final terms are still being negotiated and conditions precedent
still have to be met. A further announcement will be made in due course.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are also referred to the renewal of cautionary announcement on 5 February 2019
regarding the legal proceedings against the Company, which have been opposed by Orion.

Accordingly, shareholders are advised to continue to exercise caution when dealing in their securities
until a further announcement is made.

JOHANNESBURG
26 March 2019

Sponsor
Arbor Capital Sponsors Proprietary Limited

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