In the announcement dated 28 April 2015, shareholders were advised that the transaction was approved by the requisite majority of votes and that the transaction was subject to the conclusion of an infrastructural services contract between Equites and CSV Construction Proprietary Limited.
Equites advised shareholders that the board of directors of Equites has not approved the infrastructural services agreement between Equites and CSV Construction, as the costs negatively impacted on the feasibility of potential developments on the land. This condition precedent has therefore not been fulfilled and, as a result, the transaction will not proceed.
