Trading in Bonatla shares halted

Posted On Wednesday, 24 January 2007 02:00 Published by eProp Commercial Property News
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Shares in South African property group, Bonatla (BNT), were halted on the JSE on Tuesday afternoon following the publication of an article with "price sensitive" information.

Bonatla propertiesIn a statement issued through the Stock Exchange News Service on Tuesday afternoon, Bonatla shareholders were referred to an article published in the Business Day newspaper on Tuesday and its full year results published at the end of December, wherein the company referred to the fact that certain transactions were in the process of being finalised and that shareholders should continue to exercise caution when dealing in their Bonatla shares.

"Although an agreement has been signed with Renong Overseas Corporation (SA) (Pty) Limited relating to a transaction at the Durban Point, the agreement is still subject to certain conditions precedent, and has as yet not been finalised," the statement said.

Bonatla said it had attempted to prevent Business Day from publishing the article.

"The article contains price sensitive information and therefore, due to the fact that no official announcement has yet been released relating to the transaction, the JSE has decided to halt the trading in Bonatla shares until a formal announcement has been made by the Company," it said.

Business Day reported that Bonatla, assisted by former director Niki Vontas, is on the verge of signing a deal that will see it effectively buy half the shares in the Durban Point Development for R150 million, allowing Malaysian company Renong to withdraw from South Africa.

The sale agreement, in Business Day's possession and dated January 8, shows that the deal is structured in such a way that Renong will sell its entire investment in Renong SA, whose main asset is 80,4% of a company called Rocunion to Bonatla, it said.

Rocunion owns 100% of Rocpoint, which in turn owns half of the Durban Point Development Company, which stands to make a lot of money from the reinvigoration of the Durban port area.

Business Day noted that the transaction, as well as others by Bonatla, is in the final stages of being thrashed out and is expected to be announced to shareholders in the next few days, although the deals are still subject to various approvals.

Prior to the halting of trade, Bonatla's shares were at 26 cents - unchanged from their previous close.

Last modified on Saturday, 26 April 2014 16:44

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