Acc-Ross, which listed on AltX in February last year and has had a rocky ride in terms of share price volatility, said the company had announced the disposal of a development called The Bay through its subsidiary, Zamien Investments 66.

The purchaser represented a consortium of investors consisting of the Carnoustie Investment Trust, the Sibo and Busi Investment Trust and the Walden Business Trust.

The disposal was for a total consideration of R195,5m, subject to certain conditions being met. One of these was a written confirmation from banks of a R95,5m grant-of-loan funding to the buyer by no later than Wednesday last week.

Acc-Ross said shareholders were advised that letters were issued last Wednesday by two leading banking institutions, but that these indicated the funding required approval by both banks’ credit committees.

Acc-Ross said that its board had advised the prospective buyers that proof of funding had not been received and that the company had “invoked a provision of agreements for proof of funding to be provided within 10 business days”, from Thursday last week.

“In the event that proof of funding is not received by February 28, a breach provision will be invoked requiring rectification within a further 10 business-day period ending March 14, failing which the agreements may be cancelled,” said Acc-Ross.

The empowerment partner of Acc-Ross Holdings, Abalengani, announced last week it had sold its stake in Acc-Ross, citing differences in “vision” on black economic empowerment.

The group also said that it had concerns about the drop in the company’s share price.