Hosken Consolidated Investments Limited (JSE:HCI) agreed to acquire 41% stake in Alphawave Golf Proprietary Limited from Niveus Investments Limited (JSE:NIV) for approximately ZAR 38 million on July 1, 2019. Under the terms, Hosken Consolidated will acquire all of the issued share capital and all claims owning by Alphawave to Niveus Investments. The consideration in respect of the claims shall be the face value of the claims. The face value of the loan claims at the signature date of the sale agreement is approximately ZAR 38 million and Hosken Consolidated will pay ZAR 1 for the shares. In a related transaction, subsidiaries of Hosken Consolidated Investments Limited agreed to acquire portfolio of properties from Niveus Investments' subsidiary, La Concorde South Africa Proprietary Limited.

The transaction is subject to approval by Niveus Investments's shareholders, unconditional approval by the Board of Directors of Hosken Consolidated and unconditional approval by the Board of Directors of Niveus Investments. The conditions must be fulfilled by no later than September 30, 2019, which may be extended by mutual consent. As of September 27, 2019, fulfillment of the conditions precedent to the transaction has been extended to November 30, 2019, or such later date as Niveus Investments Limited and Hosken Consolidated Investments Limited may agree. The proceeds from the sale will be retained by Niveus Investments, subject to decisions by the relevant Board of Directors. The effective date of the transaction will be the second business day following the fulfillment of the last condition. Investec Bank Limited acted as financial advisor and ENSafrica acted as legal advisor for Niveus Investments.

Hosken Consolidated Investments Limited (JSE:HCI) cancelled the acquisition of 41% stake in Alphawave Golf Proprietary Limited from Niveus Investments Limited (JSE:NIV) on July 1, 2020.