BRIEF-Grand Parade To Sell Interest In Sun Slots For R504.3 Mln

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BRIEF-Grand Parade To Sell Interest In Sun Slots For R504.3 Mln
Credit: © Reuters.

Aug 30 (Reuters) - Grand Parade Investments Ltd GPLJ.J :

* DISPOSAL OF INTEREST IN SUN SLOTS (RF) PROPRIETARY LIMITED

* PROPOSED DEAL FOR CONSIDERATION OF R504.3 MILLION

* ENTERED INTO REPURCHASE AGREEMENT WITH SUN SLOTS PROPRIETARY LIMITED IN TERMS OF WHICH GCI WILL SELL ALL SHARES IT HOLDS IN SUN SLOTS

* PROCEEDS FROM DISPOSAL WILL BE USED TO REDUCE DEBT ASSOCIATED WITH ASSET

* GPI'S INTENTION TO PASS ON A PORTION OF PROCEEDS BACK TO SHAREHOLDER'S IN FORM OF A SPECIAL DIVIDEND AND/OR SHARE BUYBACK

* SALE REPRESENTS 30% ANNUALISED RETURN, BASED ON INITIAL CAPITAL INVESTED, 46% PREMIUM ON CURRENT CARRYING OR BOOK VALUE OF ASSET

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