Orion Real Estate Limited (JSE:ORE) agreed to acquire University of PE from Zephan Properties (Proprietary) Limited for ZAR 12.7 million on March 20, 2018. Under the terms of acquisition, Orion Real Estate Limited will pay ZAR 3.4 million in cash and will issue 14.37 million Orion shares as consideration. The consideration is exclusive of VAT and if VAT becomes payable at a rate other than 0%, the agreement will immediately be cancelled without a claim against the other party. Transaction fees of not more than 4% of the purchase consideration will be payable on the fulfillment of the conditions precedent. The cash price shall be paid against registration of transfer of the property into the name of the Orion Real Estate Limited. This will be secured by way of a guarantee/s. The transaction is subject to a number of conditions precedent, including, the procurement by Orion Real Estate Limited of loan in the amount equal to the cash price by no later than April 12, 2018; Orion Real Estate Limited and Zephan Properties (Proprietary) Limited conducts a due diligence investigation by no later than March 23, 2018; to the extent necessary, Orion Real Estate Limited obtaining approval as contemplated in terms of the Competiton Act, No 89 or 1998, obtaining JSE approval no later than April 15, 2018; and all regulatory approvals are obtained within 120 days from procurement of the loan; approval by board of directors of Orion Real Estate Limited and approval of the transaction by board of directors and shareholders, if necessary, of Zephan Properties (Proprietary) Limited no later than March 31, 2018. The transaction doesn’t need an approval from Orion shareholders. Orion Real Estate Limited (JSE:ORE) cancelled the acquisition of University of PE from Zephan Properties (Proprietary) Limited on September 17, 2018.