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ORION REAL ESTATE LIMITED - Update on disposal of Orion House, withdrawal of caut re Promenade Shopping Centre & renewal of caut ann

Release Date: 24/05/2019 08:58
Code(s): ORE     PDF:  
Wrap Text
Update on disposal of Orion House, withdrawal of caut re Promenade Shopping Centre & renewal of caut ann

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”)


UPDATE ON THE DISPOSAL OF ORION HOUSE, WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
REGARDING THE PROMENADE SHOPPING CENTRE RENTAL ENTERPRISE AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT


UPDATE ON THE DISPOSAL OF ORION HOUSE
Shareholders are advised that the disposal of Orion House is proceeding well with all conditions
precedent met, including the issue of guarantees. The parties are proceeding with the transfer of
the property.

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement published on SENS on 5 April 2019 and are hereby
advised that the cautionary has been withdrawn for the Promenade Shopping Centre Rental
Enterprise.

RENEWAL OF CAUTIONARY ANNOUNCEMENT
The Company remains under cautionary for the eight remaining property acquisitions and the
Investec liquidation per the 5 April 2019 SENS announcement. As previously announced, the
application for the liquidation of Orion by Investec is being opposed by Orion. To this end
shareholders are advised that the condition precedent for Investec to accept R75 million of the
proceeds from the sale of Orion House has been met.

A further announcement will be made in due course. Accordingly, shareholders are advised to
exercise caution when dealing in their securities until a further announcement is made.

JOHANNESBURG
24 May 2019

Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 24/05/2019 08:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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