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Category 2 acquisition announcement
EFORA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN: ZAE000248258
("Efora" or "the Company")
CATEGORY 2 ACQUISITION ANNOUNCEMENT
1. INTRODUCTION
Shareholders are advised that on 19 December 2023, the Company entered into
agreements ("Agreements") with Force Fuel Properties Proprietary Limited ("FFP") and
Force Fuel Proprietary Limited ("FF") (both in liquidation). The beneficial owner of both
entities is Labat Africa Limited, in terms of which the Company will purchase the
immovable property described as Erf 382 Alrode Extension 5 Township ("the Property")
from FFP and certain movable assets ("Movable Assets") from FF ("the Sellers") for a
total purchase consideration of R3 800 000 ("Purchase Consideration") ("the
Acquisition"). The Purchase Consideration reflects the fair value of both the Property
and the Movable Assets ("the Assets") and there is no profit associated with the Assets.
2. DESCRIPTION OF THE ACQUSITION
The Property is situated in the province of Gauteng, measuring 3 600 square metres with
the physical address at 34 Flamink Road, Alrode Extension 5, Alberton, Gauteng. The
Movable Assets comprise of office furniture, fuel pumps and other assets which are
detailed in an annexure of the Agreements.
3. RATIONALE FOR THE ACQUISITION
The Acquisition will serve to support the wholesale pillar of the Company's overall
business strategy and will provide storage in a key industrial node, close to major oil
companies, which supports the Company's supply chain either directly or indirectly.
4. PURCHASE CONSIDERATION
The Purchase Consideration payable by the Company to the Sellers in terms of the
Agreements is R3 800 000 (three million eight hundred thousand Rand) of which the
consideration for the acquisition of the Property is R3 600 000 (three million six hundred
thousand Rand) and the consideration for the acquisition of the Moveable Assets is
R200 000 (two hundred thousand Rand). The Purchase Consideration will be paid by the
Company on the date of the transfer of ownership of the Property from the Sellers to the
Company in the applicable deeds registry.
The Purchase Consideration will be funded by the Company from available cash
resources.
5. CONDITIONS PRECEDENT
At the date of this SENS announcement, the Board of Directors of the Company has
approved the Acquisition and there are no conditions precedent.
6. EFFECTIVE DATE OF THE ACQUISITION
The effective date of the Acquisition is anticipated to be the date of transfer of the
ownership of the Property from the Sellers to the Company which is expected to occur on
or about 29 February 2024.
7. OTHER SIGNIFICANT TERMS OF THE AGREEMENTS
The Property is sold voetstoots and as it stands, and subject to all title deed conditions
contained in the title deed in respect of the Property. The Seller gives no warranties and
undertakings and makes no representations of any nature in respect of the Property.
8. CLASSIFICATION OF THE ACQUISITION
The Acquisition constitutes a category 2 transaction in terms of the JSE Limited Listings
Requirements.
Johannesburg
11 January 2024
Sponsor
Corporate Adviser
PSG Capital
Date: 11-01-2024 02:37:00
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