Shareholders are referred to the announcement released by Mara Delta on the Stock Exchange News Service of the JSE Limited and the website of the Stock Exchange of Mauritius Ltd on 18 November 2016, advising that Mara Delta, through its wholly‐owned subsidiary, Leisure Property Northern (Mauritius) Limited, had entered into certain agreements for the acquisition, following the fulfillment of certain conditions precedent, of a 44.4228% shareholding in BHI, a wholly‐owned subsidiary of New Mauritius Hotels Limited with Mauritian leisure property assets, on the terms detailed in the Beachcomber Announcement. The properties in question are to be leased back by BHI to NMH in terms of a fifteen year triple net lease.
1.2. Shareholders are advised that, following the fulfillment of the Convertible Loan Conditions Precedent and the Committed Loan Conditions Precedent, Mara Delta, via LPNM, on 16 December 2016 advanced the Convertible Loan of EUR 12 500 000 and the required portion of the Committed Shareholder Loan amounting to EUR 9 000 000 to BHI, such conditions and loans being defined and further detailed in the Beachcomber Announcement. The Convertible Loan will, following the fulfillment of certain conditions detailed in the Beachcomber Announcement, be converted into the above mentioned 44.4228% shareholding in BHI.
1.3. Mara Delta has identified the Beachcomber Transaction as an opportunity to partner with NMH, one of the largest hotel groups in Mauritius, and gain access to leisure property assets in Mauritius with a blue‐chip leisure tenant on a long‐term lease, so as strengthen Mara Delta’s portfolio in the leisure asset class in line with its investment strategy.
2. Acquisition of Tamassa Resort
2.1. Shareholders are also referred to Mara Delta’s announcement, released on SENS and on the SEM website on 30 September 2016, regarding the acquisition, through a wholly‐owned subsidiary, of a hotel known as Tamassa Resort, located in Bel Ombre, Mauritius and related rights, with the property in question to be leased back to the vendor through a ten year triple net lease.
2.2. Shareholders are advised that the Tamassa Transaction is unconditional, save for the following:
2.2.1. approval and clearance from the Ministry of Housing and Lands for the assignment of the leasehold rights of the vendor to Mara Delta; and
2.2.2. the execution by the Ministry of Housing and Lands and the vendor of an industrial site lease to the reasonable satisfaction of the Vendor and on terms substantially similar to the existing head lease.
It is anticipated that the final conditions precedent will be fulfilled early in 2017, after which the acquisition will be implemented immediately.