Flameup Investments Proprietary Limited made an offer to acquire Promenade Shopping Centre in Nelspruit from Orion Real Estate Limited (JSE:ORE) for approximately ZAR 190 million on February 5, 2019. Flameup Investments Proprietary Limited entered into an agreement to acquire Promenade Shopping Centre in Nelspruit from Orion Real Estate Limited (JSE:ORE) on February 7, 2019. Orion Real Estate Limited has accepted the Flameup Investments’ offer. Pursuant to the terms of the acquisition, Flameup Investments will pay the consideration in the form of cash. The guarantee shall be payable on transfer to Flameup Investments or its nominee and against registration of the cancellation of any existing bond and against registration of any new bonds over Promenade Shopping Centre (if applicable). The consideration will be secured by way of a bank guarantee or letter of undertaking acceptable to Orion Real Estate. The transaction is subject to Flameup Investments being satisfied with the necessary due diligence within 14 days of date of signature of the agreement or delivery of the last due diligence document, whichever date is the latest, The Board of Directors of Flameup Investments approving the transaction within 7 days of the satisfactory completion of the due diligence, Flameup Investments raising the necessary finance within 30 days of the above Board approval, on terms and at interest rates acceptable to the Flameup Investments and regulatory approvals, including unconditional approval in terms of the Competition Act. The disposal will also require shareholder approval in accordance with the JSE Listings requirements. As of March 26, 2019, the due diligence is still ongoing and certain conditions precedent, still need to be met. A portion of the proceeds which will be applied to settle Investec in full and the cash balance remaining will be applied to the refurbishment of certain properties owned by the group and working capital requirements. This will leave the Orion Real Estate debt free as the current gearing of the group is less than 20%.