Property company Bonatla has put the acquisition of Tiffendel Property Investments (Tiffski) on hold.

The company said the acquisition of Tiffski was conditional upon a satisfactory due diligence being completed on the subject of the acquisition.

At present insufficient financial information is available to Bonatla, and the transaction has been put on hold pending the availability of such information, it said.

Bonatla had planned to buy the company for R120 million, less debt, subject to the completion of a due diligence.

In addition, Bonatla said it would now buy the assets of VLC Industrial and Commercial Property rather than the company itself because it is "impractical" to acquire VLC directly, as was the initial agreement.

"This has proved impractical and the agreement was amended on 4 December, resulting in Bonatla acquiring from VLC, 200 000m² of property and bulk, for a purchase consideration of R210 million," Bonatla said.

The company will settle the amount via the issue to 100 million shares and 160 million convertible debentures.

Source: I-Net Bridge