Accent dispose of operational assets & liabilities

Accent dispose of operational assets & liabilities The directors of Accentuate announced that Accentuate has entered into an agreement with Wys Investments (Pty) Ltd ("the Purchaser") to dispose of the operational assets and liabilities of CGA for an amount of R9.557 million ("the Disposal Price").

Salient features of disposal
In line with the earlier announcements in this regard, Accentuate is disposing of the operational assets and liabilities of CGA. The claims that Accentuate has against the previous vendors of CGA are on-going and will remain due to Accentuate until such time that they are resolved.

Effective date
The effective date of the disposal is 1 September 2011.

Conditions precedent
The disposal is subject to the following conditions precedent:

• The purchaser pays a sum of R 4 million on or before 15 December 2011 ("closing date");
• Approval by the board of directors of Accentuate; and
• Granting of all regulatory approvals as may be required.

Terms of arrangement
The balance of the Disposal Price will be settled as follows:

• R1 500 000.00 12 months after closing date;
• R2 000 000.00 24 months after closing date; and
• R2 057 000.00 36 months after closing date.

Accentuate has received an irrevocable undertaking from the Purchaser to settle the outstanding Disposal Price within the dates stated above. There are no other significant terms of the agreement between Wys Investments (Pty) Ltd and Accentuate.

Financial effects
Before & after:

• Basic earnings per share: (71.58) & (59.14)
• Headline earnings per share: (3.72) & 8.72
• Net asset value per share: 105 & 105

Finalisation announcement
As per the announcement published on SENS on 15 December 2011, shareholders were advised that the transaction became unconditional on 15 December 2011.
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