CONDITIONS OF SALE
CARGO OF ONE FLAT TOP BARGE LATELY LADEN ON BOARD
THE MV “BBC NINGALOO”
1.
Clear Asset (Pty) Ltd (“Clear Asset”), Registration 2012/ 092607/07 acting on the instructions of BBC Chartering
Carriers GmbH Co KG (“BBC Chartering”), the arrestor of a cargo of a flat top barge lately laden on board the mv “BBC
NINGALOO” (“the Cargo”) under case number A 37/2014 in the High Court of South Africa, KwaZulu-Natal Local
Division, Durban, exercising its admiralty jurisdiction (“the Court”), we are pleased to invite bids for the Cargo.
Subject to paragraphs 7 – 10 below, the Cargo is a flat top barge lately laden on board the mv “BBC
NINGALOO”, as more fully described in the report of Paul Coxon & Associates CC dated 18 June 2014 attached hereto.
2.
As the arrestor of the Cargo, BBC Chartering intends to apply to the Court for an order in terms of which the
Cargo is sold in terms of section 9 of the Admiralty Jurisdiction Regulation Act No. 105 of 1983 (“the AJRA”), to a Purchaser who, subject to paragraph 3 below, submits the highest offer.
3.
4.
The sale of the Cargo is subject to a reserve price of R 400,000.00 (Four Hundred Thousand Rand). BBC
Chartering may, within 48 hours after the close of the auction, consider any bid below the reserve price and counter or reject the highest bid received and/or request a counter-offer from the highest bidder.
The sale of the Cargo to the highest offeror is conditional upon and shall be subject to, inter alia, the following:-
5.
4.1.
4.2.
BBC Chartering in fact bringing an application to the Court for an order authorising and confirming the sale of the Cargo to the highest offeror. For the avoidance of doubt, BBC Chartering shall not be obliged to bring such application. an Order for the sale of the Cargo to the highest offeror, on the terms usually granted in applications for the sale of arrested property, being granted by the Court on a date to be determined by BBC
Chartering;
4.3.
4.4.
the terms of such Order; and the purchaser’s compliance with the provisions of paragraph 5.5 below.
In the event of the bids being of interest to BBC Chartering:

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5.1.
5.2.
5.3.
The highest bidder and the second highest bidder will be notified accordingly and of BBC
Chartering’s intention to apply to the Court, by email.
Both the highest bidder and the second highest bidder will be required to pay an amount equal to the full value of their bid, plus VAT thereon, if applicable, within 48 hours of the email confirmation referred to in paragraph 5.1 above.
The purchase consideration shall be paid to the trust banking account of Clear Asset, the details of which are:
5.4.
5.5.
Name of Account:
Account No.
Bank:
Clear Asset Pty Ltd
070 218 943
Standard Bank
Swift Code: SBZAZAJJ
Branch Code: 02 09 09 (Thibault Square) or such other account as may be designated for that purpose by BBC Chartering.
The purchase consideration shall be held on behalf of the first highest bidder and second highest bidder, respectively, until such time as a court order referred to in paragraph 4.2 above has been obtained. Thereafter the funds will be held and distributed in accordance with the provisions of such court order.
The first highest bidder shall be obliged to appoint a forwarding and clearing agent and to have submitted all documentation and paid all charges necessary to obtain the clearance and/or transhipment of the Cargo, by no later than 22 August 2014, or by such later date as to which BBC
Chartering may agree. For the avoidance of doubt, all charges incurred in connection with obtaining the clearance and transhipment of the Cargo will be for the purchaser’s account.
6.
7.
In the event that the first highest bidder does not transfer the funds to Clear Asset Pty Ltd, as contemplated in paragraphs 5.2 and 5.3 above, the second highest bidder shall be obliged to comply with the provisions of paragraph 5.5.
Inspection of the Cargo can be arranged. No representations as to quality or quantity of the Cargo are given.

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8.
9.
10.
If sold, the Cargo shall be sold as is, where is (“voetstoots”), completely without any warranty, guarantee or the like whether express or implied and without any representation of any nature whatsoever having been made by BBC Chartering, Clear Asset or ENS.
Neither BBC Chartering, ENS, Clear Asset or any other party shall attract any liability as a result of any representation made in connection with the Cargo or its possible sale to any bidder, nor do BBC Chartering,
ENS or Clear Asset or any other party warrant or guarantee that the information or specifications provided in relation to the Cargo are accurate, true or correct and accordingly will not be liable for any reliance that a potential purchaser may place on such information when making any bid or offer thereon.
Nothing contained herein shall be construed as a representation that BBC Chartering and/or ENS and/or Clear
Asset or any other party is authorised or shall be obliged to procure the sale of the Cargo.