20 Mar 2014 13:31
AECI LTD - Disposal of surplus property assets at ModderfonteinAECI LTD - Disposal of surplus property assets at Modderfontein
PR Newswire
London, March 20
AECI LIMITED Incorporated in the Republic of South Africa (Registration No. 1924/002590/06) Share code: AFE ISIN No. ZAE000000220 ("AECI" or "the AECI Group") ANNOUNCEMENT REGARDING COMPLETION OF THE DISPOSAL BY THE AECI GROUP OF ITSSURPLUS PROPERTY ASSETS AT MODDERFONTEIN TO SHANGHAI ZENDAI PROPERTY LIMITED("SHANGHAI ZENDAI") Shareholders of AECI ("Shareholders") are referred to the announcement releasedon the Stock Exchange News Service ("SENS") of the JSE Limited on Monday, 4November 2013 which provided details of the disposal by the AECI Group of thebulk of its surplus property assets at Modderfontein and its propertydevelopment business, to Shanghai Zendai ("the Transaction"). Shareholders are further referred to the announcement released on SENS onTuesday, 28 January 2014 whereby Shareholders were advised of the conditionsprecedent having been fulfilled, other than the transfer of the propertiessubject to the Transaction which have an aggregate acquisition price of R513million (including VAT) or such lesser amount as agreed by Shanghai Zendai, tothe South African subsidiaries of Shanghai Zendai, namely Zendai Development(South Africa) Proprietary Limited and Zendai Investment Management (SouthAfrica) Proprietary Limited ("the Transfer"). AECI is pleased to announce that the Transfer has been completed and that nooutstanding conditions precedent to the Transaction remain. Accordingly, theTransaction became effective on 20 March 2014 and AECI has received theTransaction price in full in cash in the amount of R1 060 974 457 (includingVAT). Woodmead, Sandton 20 March 2014 Investment Bank and Transaction Sponsor The Standard Bank of South Africa Limited Legal Adviser
Webber Wentzel