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Cancellation of related party acq of a 20% interest in Tuin Huis Pty Ltd & update on Stellendale Gardens Acq
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
ISIN code: ZAE000187407 Share code: VIS
("Visual" or "the Company")
CANCELLATION OF RELATED PARTY ACQUISITION OF A 20% INTEREST IN TUIN HUIS PROPRIETARY
LIMITED ("Tuin Huis") AND UPDATE ON THE ACQUISITION OF STELLENDALE GARDENS
Cancellation of related party acquisition of a 20% interest in Tuin Huis
Shareholders are referred to the announcement published on SENS on 31 March 2023 regarding the
related party acquisition by the Company of a 20% interest in Tuin Huis for a consideration at a
nominal value of R1.00 ("the Transaction").
Tuin Huis is a residential property development company that has undertaken two trial infill housing
projects in the Durbanville area following an amendment to the bylaws of the City of Cape Town
which permits the development of two additional houses or apartments on any suitable erven in
the municipal area, subject to approval being granted by the city's Minor Works Department ("Infill
Housing Project/s").
In terms of the Transaction, Visual was responsible to build and/or project manage all the
development projects undertaken by Tuin Huis at cost, with the intention to complete at least three
Infill Housing Projects per year.
The Transaction was deemed a related party transaction as Mr Charles Robertson is a shareholder
in Tuin Huis and also the Chief Executive Officer of Visual.
Shareholders are hereby advised that, due to the Infill Housing Project running at a loss as a result
of the weak property sector over the past year, and the Transaction being immaterial and no longer
being in line with the strategic vision of the Company, the parties have agreed to the cancellation
of the Transaction ab initio.
Update on the acquisition of Stellendale Gardens
Shareholders are referred to the announcement published on SENS on 1 November 2023 regarding
the successful rezoning of Erf 18362 (known as Stellendale Gardens) ("the Property") from
agricultural to business. As recorded in the Company's prospectus, the Company had entered into
an agreement with the RAL Trust to acquire the Property from the RAL Trust following its rezoning at
a purchase price equal to the fair value of the Property, after rezoning, as determined by an
independent property valuer, to be approved by the JSE ("the Purchase Price"). The Purchase
Price would be adjusted against the RAL Trust loan receivable and any difference would be
payable in cash either by or to RAL Trust.
Shareholders are hereby advised that, due to:
(i) the substantial time required by the JSE approved independent property valuer to prepare
the valuation of the Property; and
(ii) the Company's current focus being on the development of Stellendale Junction, the
disinterested directors agreed to a further extension of time for the completion of the JSE
process and transfer of land until after 28 February 2025.
The property remains as security for the RAL Trust loan until such time as the property is transferred
too Visual. A further announcement in this regard will be published in due course.
CAPE TOWN
10 June 2024
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 10-06-2024 04:15:00
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