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JD Group Ltd Announces Acquisition Of Immovable Properties And Rental Enterprises From Subsidiary

Friday, 14 Dec 2012 03:15am EST 

JD Group Ltd announced that an agreement has been reached between JD Group and Steinhoff International Holdings Limited, in terms of which Steinhoff Properties (Pty) Limited, a wholly owned subsidiary of Steinhoff, will dispose of 19 immovable properties and accompanying leases in respect thereof to JD Group in exchange for new ordinary shares issued by JD Group. The Rental Enterprises consist of 19 automotive dealership properties across the Republic of South Africa, which are occupied by Unitrans Automotive (Pty) Limited, an indirect wholly owned subsidiary of JD Group. The Properties are currently subject to nine-year leases that commenced on July 1, 2012. In terms of the Agreement, JD Props will acquire the Rental Enterprises for a total consideration of ZAR446962427. The Purchase Consideration will consist of a fresh issue of 9508322 JD Group shares credited as fully paid at an issue price of 4700.75 cents per share, being the 28-day Volume Weighted Average Prices, at which a JD Group share traded on the JSE Limited (JSE) from October 14, 2012 up to and including November 20, 2012, the date on which JD Group and Steinhoff formally started discussions.