Proprietary Limited trading as Global Kingdom Business International in terms of which the Purchaser will acquire Erf 5679 (Extension 50) in the district of Kroonstad in the Orange Free State, for a total consideration of R6,000,000.0 in cash. 

The Sale is in line with Freedom’s strategy of divesting of non-core assets as set out in an announcement released on the Securities Exchange News Service of JSE 15 March 2016 (the “Announcement”). The proceeds will be applied within the Group in accordance with the details set out in the Announcement.

The Company The Seller is a wholly owned subsidiary of Freedom and the owner of the Property.

The Purchaser The Purchaser is a private company incorporated in South Africa. 

The value of the Property, effective as of 28 February 2015, and as determined by an external valuer to the Company, Mr JS Bosman (M.I.V) (SA), is as set at R 8,450,000.00, originally purchased for R 9,840,280.00.

The Property contributed a net loss of R1,312,771.00 (one million three hundred and twelve thousand seven hundred and seventy-one Rand) and R77,509.00 (seventyseven thousand five hundred and nine Rand) to the Group’s earnings and headline earnings respectively for the year ended 28 February 2015.