AN OFFER ON ALL THE PROPERTIES WHICH SHAREMAX ADMINISTERS
The Managing Director of Sharemax Investments, Mr Willem Botha, announced that a potential purchaser has made an offer on all the properties which Sharemax Investments administers on behalf of the shareholders of projects in the Sharemax Income Plan and the Sharemax Guarantee Plan.
Properties of the Sharemax Income Plan and the Sharemax Growth Plan
The properties are 148 Leeuwpoort Street, Centurion Hazel, Oxford Gate, The Village, Witbank Highveld, Tarentaal, Magalieskruin Centre, Flora Centre, Waterglen Centre, Carletonville Centre, Homemakers Village, Virginia Checkers, Benoni Hyper, Shoprite Secunda, De Marionette, Athlone Park, De Meent, Range View, Secunda Plaza, Parkside Bromhof, Liberty Mall, Rivonia Square and Nelspruit Hyper.
The potential purchaser is currently busy with his due diligence exercise for which he has 45 working days grace.
There has also been an offer made on Silverwater Crossing which replaces the previous offer thereon, where the purchaser could not deliver his guarantees.
Properties of the Platinum Series of the Sharemax Growth Plan
The potential purchaser also made an offer on the two properties of the Platinum Series of the Sharemax Growth Plan, namely Lydenburg Pick ‘n Pay and The Ferns.
Follow up procedures
The potential purchaser now gets an opportunity to carry out his due diligence exercise on all the properties and it can take a reasonable period as it must be done on a large amount of properties. Thereafter the purchase sum of each property will be finalised and the directors of each property are then compelled to get the approval of the Securities Regulatory Panel to present the various offers to the shareholders of each individual property for consideration thereof at a Special General Meeting.
Should the sale transaction proceed then these actions will stretch to the middle of 2009, while Sharemax Zambezi Retail Park’s finalisation will be in 2010. We will communicate with the shareholders of each property by means of a notice of a Special General Meeting.
The shareholders are therefore requested to exercise caution with your shares in any of the abovementioned properties.
Mr Botha concluded that this shows that the properties that Sharemax promoted in the past are of good quality and sought after by many property investment companies. He added that these offers, once finalized, will give the shareholders an opportunity to realize their capital growth.
Investment in a new project will be to the advantage of those who have an investment horizon of five years and more, in order to unlock values.