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Mellow Oaks Property ("Mellow Oaks")
PEMBURY LIFESTYLE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/205899/06)
(“the Company” or “Pembury”)
ISIN Code: ZAE000222949 JSE Code: PEM
MELLOW OAKS PROPERTY (“Mellow Oaks”)
Shareholders are advised that a Notice of Sale of Immovable Property pursuant to an
attachment of the Mellow Oaks property was served on the previous head of the PLG Mellow
Oaks Academy during November 2018. Neither the directors nor the management were, at
the time, made aware of the Notice having been served.
During March 2019, the Company discovered that the property had been advertised for
auction through the Sheriff Roodepoort North’s Office without either a reserve price or details
of the existing lease agreement.
At the auction, without introduction of a reserve price, the execution creditor submitted a bid
of R6.5 million. Fantique Trade 1207 CC, a close corporation being related to the Company
submitted an offer of R6.6 million on which a 10% deposit and Sheriff’s commission was
payable.
The aforesaid bid was accepted, but then the execution creditor’s attorney insisted that the
10% deposit, plus Sheriff’s commission and VAT on the purchase price had to be paid
immediately, despite the upfront payment of VAT on the purchase price not forming part of
the published conditions of sale.
The execution creditor (that had attached the property) then submitted a bid of R5 million,
which was accepted. The Company is instituting a formal legal process to reverse this sale as
it believes that an irregular process was followed. The Company is also investigating collusion
with specific reference to the original delivery of Notices.
The Company will be taking all steps to recover and/or retain the property in the interim. The
full value of the property will be impaired in the results for the year ended 31 December 2018.
Johannesburg
30 April 2019
Designated Advisor
Arbor Capital Sponsors
Date: 30/04/2019 03:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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