Atlas Copco Rocket Boomer 281

RULES OF AUCTION 

AND

CONDITIONS OF SALE – MOVABLES ON-LINE AUCTION

PLACE OF AUCTION:                         ACACIA MINING PLC BULYANHULU GOLD MINE SHINYANGA TANZANIA                                                       DATE OF AUCTION:                          19 OCTOBER 2016

TIME OF AUCTION:                          FROM 10:00 TO 15:00

BIDDERS’ CHOICE (PTY) LIMITED

Reg:  2012/123036/07

97 Central Street, Houghton

Duly represented by: PIETER GELDENHUYS

(The “AUCTIONEER”)

 1.  This auction is governed by the Consumer Protection Act – Act 68 of 2008 (South Africa). Consumer Protection Act 68 of 2008. Consumer Protection Act 68 of 2008 – Regulations

2. All prospective bidders must register prior to the start of the auction and such registration requires proof of identity and residence (FICA) as contemplated in regulation 26.

3. A refundable Commitment Fee of R 15, 000.00 is be payable by a bank guaranteed cheque or Electronic Fund Transfer (EFT). Kindly provide proof of deposit in order to be provided with a Buyers Number.  Only registered bidders will be allowed to bid.

4. The Commitment Fee will be refunded to the Bidder if he paid by bank guaranteed cheque when he leaves the Auction, provided that he is not the highest bidder on any item.  When deposit has been paid by EFT and he is not the highest bidder the money will be transferred back to the account it came from as soon as the money is available in the Bidders Choice account. 

5.The conduct of the Auction is subject to the control of the Auctioneer, who has the sole right to regulate the bidding procedure, and who may accept or reject bids in his sole discretion without providing reasons.

6. Every bid shall constitute an offer to purchase for the amount bid, and no bid may be withdrawn until the Purchaser has been determined.

7. The highest Bidder accepted by the Auctioneer shall be the Purchaser.  The Auctioneer is entitled to reject an offer he has accepted.

8. In the event of any dispute between the bidders, the decision of the Auctioneer shall be final and binding.

9. No “ringing” shall be permitted, and if the Auctioneer suspects that bidders are involved in such activity, he shall be untitled to suspend or terminate the Auction, or to prohibit those bidders suspected of such activity from making any further bids.

10. The Auctioneer is entitled to correct any bona fide error in the conduct or conclusion of any sale, or arising from any incorrect reference to the items for sale.  In the event that the error is not capable of being corrected, then the auction shall be deemed not to have taken place and no party at the Auction will have any claim against the Auctioneer or the Seller arising from the cancellation of the Auction.

11. All sales are without reserve, unless otherwise stated.

12. In sales with reserve, only the Auctioneer or his agent shall be entitled to bid up to the reserve price on behalf of the Seller, but shall not be entitled to make a bid equal to or exceeding the reserve price.

13. All assets are sold as is, where is and with all faults. Any express or implied warranties including those as to the nature, quality, quantity, value or condition of any asset, merchantability, fitness for a particular purpose or non-infringement are hereby excluded to the greatest extent permitted by applicable law. It is the buyer’s responsibility to perform an inspection of the property prior to the auction. No representatives or warranties are made by the Auctioneer or the Seller.  Neither the Auctioneer nor the Seller shall be liable in consequences of any representation made by them at or before the Auction.  In particular, no warranties are made in respect of year, make or model of any item.

14. The Sale of the Assets are non-suspensive and not subject to any feasibility or any other condition required by the buyer.

15. Illustrations, pictures or videos posted on Bidders Choice website (the “Site”) or otherwise provided by the Seller or Bidders Choice are for the convenience of the Buyers only.  Bidders Choice has used its reasonable endeavours to ensure that the descriptions of each asset(s) appearing on the Site are accurate, but the Buyer relies upon such description at its own risk. Buyers should satisfy themselves prior to the sale as to the condition of the asset and should exercise and rely on their judgment as to whether the asset accords with its description at their own risk.  Subject to the obligations accepted by Bidders Choice under these Terms and Conditions, neither the Seller nor Bidders Choice nor any of their respective employees or agents are responsible for errors of description or for the genuineness or authenticity of any asset.

16. It is expressly brought to the Buyer's attention, at the time of sale, any sale in this sale:

16.1 may not necessarily comply with the Health and Safety at Work Etc. Act 1974, Environmental Protection Act 1990 or any other UK and/or EC Acts, Regulations, Directives or their applicable laws or equivalent or similar laws in any relevant jurisdiction or; and

16.2 could contain blue or white asbestos, hazardous substances, dangerous chemicals etc. which if not handled correctly during their removal from a site could be in breach of the Health & Safety at Work Etc. Act 1974, Control of Substances Hazardous to Health Regulations 2002 or any other current legislations covering the use of such substances in a working environment in the UK, the EC, the United States or any other relevant jurisdiction.  Neither the Seller nor Bidders Choice has no duty to remove any hazardous substances that are contained in or are a part of any asset.

17. The Buyer undertakes to:

17.1 remove, ship and use any purchased plant and equipment within any relevant jurisdiction in a way that does not contravene any relevant legislation and in full compliance with all applicable health and safety standards and regulations; and

17.2 comply with all current applicable legislations in any relevant jurisdiction and reasonable instructions by the Seller or Bidders Choice in relation to the removal/disposal of waste including hazardous waste.

18. The Buyer agrees to comply with all applicable export control and related laws and regulation and not to violate any applicable local, state, national or international law, statute, ordinance, rule or regulation.  Buyers acknowledge that the Seller and/or Bidders Choice is not the exporter of any purchased asset unless expressly stated. The Seller and/or Bidders Choice makes no representation or warranty concerning, and has conducted no investigation to ascertain which assets, if any, constitute, for example, “Restricted Technology” for US law purposes or whose export is otherwise restricted under applicable law. The Seller and/or Bidders Choice reserves the right to cancel or rescind any sale at any time in the event it determines, in its absolute discretion, that the sale does or may violate applicable export or import control or related laws and regulations.

19. Upon notification of acceptance of its Offer, the Buyer shall assume all risks in and relating to the assets. The Buyer is advised to effect in respect of all such risks arising thereafter any insurance it may consider necessary. The duty of Bidders Choice and/or the Seller to make assets available shall be deemed performed upon notification of acceptance of the Buyer’s offer even if an asset is subsequently damaged and/or part thereof has been lost.

20. Property and title in each asset shall not pass to the Buyer until:

20.1 full payment therefore has been received or (where payment or part payment is made by cheque) until the cheque(s) in question have been cleared; and

20.2 each such asset has been removed from the Seller's premises in its entirety. Risk in each item passes to the Purchaser on the fall of the hammer.

21. No item shall be removed from the auction site prior to full payment has been made and confirmed.

22. Should the Purchaser fail to remove any item at the conclusion of the auction, then a storage of R250.00 + VAT per item per day will be charged to the Purchaser.  Furthermore, should any items purchased not be removed after a period to be stipulated by the Auctioneer, and then the items will be resold by the Auctioneer at the expense of the Purchaser.  Alternatively, and by written arrangement between the Auctioneer and the Purchaser, the Auctioneer will store the items at the expense of the Purchaser.

23. The Purchaser shall be liable for the costs of repair for any damage caused by him to the Auction premises or any other item while removing his purchase, or otherwise.

24. Should any item purchased be financed by the purchaser through a financial institution, proof of approved finance must be presented to the Auctioneer on the Bidders registering.  No item may be purchased subject to finance approval.

25. The purchase price of each item will be paid by the Purchaser by bank guaranteed cheque/EFT immediately on conclusion of the auction. However ordinary personal cheques are strictly not acceptable.

26. Should any item purchased be financed, then full payment for the item shall be made to the Auctioneer within 72 hours of the conclusion of the auction.

27. The purchase price is exclusive of 14% Value Added Tax (VAT) and Auctioneer’s commission plus 14% VAT on the Auctioneer’s commission. The purchaser is responsible for all relevant taxes, if any, on all purchased items with duty exemption during importation.

28. The Buyer is advised to seek its own tax advice.

29. Ownership of the items shall pass to the purchaser only on payment of the full purchase price, plus VAT if applicable, and Auctioneers commission plus VAT.

30. A 15% Auctioneers Commission plus 14% VAT shall be paid by the Purchaser, in addition to the purchase price, which commission is due and payable on the fall of the hammer.

31. A registration/documentation levy/fee of R350.00 plus VAT is payable by the buyer on each/all motor vehicles purchased, in addition to the purchase price and Auctioneers Commission.

32. If any item is sold subject to confirmation, the confirmation period will be for seven (7) days from the date of Auction during which period the Purchaser shall not be entitled to withdraw his offer.

33. All items are sold subject to confirmation. And will be paid for in full by the highest bidder on conclusion of the auction even in the event that confirmation from the Seller has not yet been received.  Should the bid not be accepted by the Seller within the allocated period, then the Auctioneer through the seller/principal will refund to the Buyer the full amount paid to the Auctioneer for the item.

34. Removal strictly from 8am until 4pm from 20th October to 31st October 2016 excluding weekends. The seller reserves the right to withdraw items not removed within this period.

35. Removal must be arranged with Mark Morgan +255 753 021 727 and/or Abel Kevela +255 676 727 872 and may only remove assets by previous arrangement with, and subject to the supervision of Bidders Choice/ Yono Auction Mart or its agent(s) or appointed representative(s).

36. The Buyer acknowledges that neither Seller nor its appointed representative(s) are obliged to give any other support or owes any other performance other than those described in these Terms and Conditions.  In particular, the Buyer acknowledges that neither the Seller nor Bidders Choice/ Yono Auction Mart will give any start-up assistance or trouble shooting support during re-assembling and start-up of the assets unless otherwise agreed in writing.

37. If the Purchaser breaches any of these conditions of sale, he shall be liable to pay, in addition to any commission payable, any costs incurred by the Auctioneer as a result of the breach, including administration costs, storage costs and legal costs as between attorney and own client, including collection commission.

38. The seller and the auctioneer have a right to bid on the assets, but shall not make a bid equal to or exceeding the reserve price. 

39. The Buyer acknowledges that the Seller's facility is a potentially dangerous place. Flammable, noxious, corrosive and pressurized substances may be present. Heavy equipment may be operated, and electrical circuits may be live. Every person enters the site at his or her own risk with notice of the condition of the premises and the activities that will be or have been conducted on the premises. All persons entering the site will do so at their own risk and will be subjected to the Safety and Security policies and procedures of the Mine. This includes wearing of the required and prescribed PPE at all times. Buyers shall so advise their agents and employees. No person shall have any claim against Bidders Choice/Yono Auction Mart, the Seller or their respective agents or employees for any injuries sustained or for damages to or loss of property that may occur at the site. Nothing in this clause shall limit or exclude liability for death or personal injury resulting from the negligence of Bidders Choice/Yono Auction Mart or the Seller.