28 Jan 2014 14:30
AECI LTD - Fulfillment of Condions PrecedentAECI LTD - Fulfillment of Condions Precedent
PR Newswire
London, January 28
AECI LIMITED Incorporated in the Republic of South Africa (Registration No. 1924/002590/06) Share code: AFE ISIN No. ZAE000000220 ("AECI") FULFILLMENT OF CONDITIONS PRECEDENT Shareholders of AECI ("Shareholders") are referred to the announcement releasedon the Securities Exchange News Service of the JSE Limited on Monday, 4November 2013 which provided details of the disposal by AECI of its surplusproperty assets at Modderfontein and its property development business, toShanghai Zendai Property Limited ("Shanghai Zendai") ("the Transaction"). Shareholders are advised that the following conditions precedent to theTransaction have been fulfilled: 1. the approval in writing of the Competition Commission in South Africa, in terms of the Competition Act No. 89 of 1998, as amended; 2. the passing by the shareholders of Shanghai Zendai of all resolutions required to approve the Transaction; 3. the passing of all the necessary Directors' and shareholders' resolutions of the AECI parties to the Transaction; and 4. Heartland Leasing Proprietary Limited, acting as an agent for AECI, and ImproChem Proprietary Limited ("ImproChem") have entered into a lease in respect of the ImproChem building in a form satisfactory to both Shanghai Zendai and AECI. The AECI parties to the Transaction have now commenced the process to transferproperties subject to the Transaction which have an aggregate acquisition priceof R513 million (including VAT) or such lesser amount as agreed by ShanghaiZendai ("First Tranche"), to the South African subsidiaries of Shanghai Zendai,namely Zendai Development (South Africa) Proprietary Limited and ZendaiInvestment Management (South Africa) Proprietary Limited. AECI anticipates thistransfer should be completed by no later than 31 July 2014, subject to therelevant extension provisions of the Transaction. The Transaction will becomeeffective on transfer of the First Tranche. Shareholders will be updated oncethis process has completed. Woodmead, Sandton 28 January 2014 Investment Bank, Structuring Adviser and Transaction Sponsor The Standard Bank of South Africa Limited Legal Adviser
Webber Wentzel