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Latest News: Value Group Ltd.VALUE [VLE]
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Mon, 21 Jun 2021	Official Announcement [RD]
Value - small related party transactions Value is an integrated logistics service provider. Services are conducted throughout South Africa utilising its infrastructure, incorporating its logistics premises, which are critical in conducting its operations. Shareholders of Value are advised that Value Logistics Ltd. (a wholly owned subsidiary of Value) (“the Lessee”) has entered into the following triple nett lease agreements (“the Leases”) with various property companies represented by Mr Steven Gottschalk (a director of Value), in respect of the property companies detailed in the relevant SENS note. Related party considerations The JSE Ltd. (“JSE”) has ruled that the Leases are deemed to be related party transactions in terms of the JSE Listings Requirements as a consequence of Mr Gottschalk being a director of Value and the Lessee and furthermore, as a result of Mr Gottschalk indirectly owning more than 20% of the shares in Value. The estimated aggregated rental value (assuming annual escalations are applied for the full lease period) amounts to R32 284 118.76. The aforementioned Leases will therefore be deemed “small related party transactions” in terms of Section 10.7 of the JSE Listing Requirements. The board of directors of Value (“the Board”) is required to provide the JSE with written confirmation from an independent professional expert confirming that the terms of the Leases are fair insofar as Shareholders are concerned. Mazars Corporate Finance (Pty) Ltd. has been appointed as the independent professional expert by the Board and provided the Board with fairness opinions with regard to the Leases (“Fairness Opinions”) in which they have advised the Board that they believe that the terms of the Leases are fair to Shareholders. The Fairness Opinions will be accessible for inspection on Value’s website at https://value.co.za/fairness-opinions/ for a period of 28 (twenty eight) days from the date of this announcement.
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