Sharemax Confirms Offer by Bonatla for Property Assets

Sharemax Investments (Proprietary) Limited (Sharemax Investments) confirms that it has received a formal offer from Bonatla Property Holdings (Bonatla) Limited to acquire 100% of all the property assets originated and promoted by Sharemax Investments.

The purchase price for these assets is R4,985 billion payable in JSE listed shares in Bonatla.

This offer has been accepted by the directors of the companies owning the property assets. The offer is subject to a due diligence period of 15 days and regulatory approvals including Securities Regulation Panel approval, Competition Commission approval and JSE approval.

Says Andre Brand, Chairman of Sharemax Investments, “Sharemax, on behalf of the property companies, has been in intense negotiations for several months to ensure that the best possible transaction for all parties is presented. The directors of the company are required to make a submission to the Securities Regulation Panel (SRP) that the offer is fair and reasonable which once approved by the SRP will then be submitted to the shareholders for their approval. For Sharemax Investments it is business as usual.”

The offer is also subject to the approval of the shareholders in Bonatla.

The offer is not for the operating business of Sharemax Investments, Premium Plan (Proprietary) Limited or any other origination entity affiliated with Sharemax, but for the property based assets originated by this group. Sharemax Investments and the origination businesses will continue operating as normal.