FENGYUE GLASS MANUFACTURING PLANT (PTY)LTD ON-LINE AUCTION RULES AND PROCEDURES

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1 FENGYUE GLASS MANUFACTURING PLANT (PTY)LTD ON-LINE AUCTION RULES AND PROCEDURES The following are the terms and conditions for the sale by the Auctioneer of the assets of Fengyue Glass Manufacturing Company (Botswana) (Proprietary) Limited (In Liquidation) ( the Company ) being sold by Nigel Dixon Warren N. O, in his capacity as liquidator of Fengyue Glass Manufacturing Company (Botswana) (Proprietary) Limited (In Liquidation) ( the Seller ). 1. Auction Process 1.1. All lots are subject to a reserve price, and as stated in the brochure, unless otherwise stated Each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction The auction will commence at the published time and will not be delayed to allow any specific person or more persons to take part in the auction Registration: Bidders are required to register to bid at the auction and will be required to pay a refundable deposit of BWP 5,000 before commencement of the auction. The bank account details are as follows: Account Name: CLEAR ASSET (PTY) LTD Banking Details: Bank: Stanbic Account Number: The deposit will be refunded to the bidder upon request, provided that the bidder was not the highest bidder on any item that was sold at the auction, in which case it will be applied towards settlement of the amount/s due in respect of the items purchased Anyone that intends to bid at the auction must register his or her identity on the Bidder s Record prior to the commencement of the auction. The Auctioneers are obligated to establish and verify the identity of bidders and each bidder must sign the registration entry and in particular must include the following information:

2 a) Full name/s of the bidder; b) Identity / passport / registration number; c) Age (individuals); d) Physical address; e) Internet protocol address; f) Login code and password (if applicable); g) Details of the means by which payment will be affected. Contact Noloyiso Gusha on nolo@clearasset.co.za A person who intends to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause above. Where a person is bidding on behalf of a company the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company The Bidder s Record and the Buyer roll will be made available for inspection at the offices of Auctioneers during normal business hours without the charge of a fee The Auctioneers have US$ and Botswana Pula trust bank account. All money due to the Seller in terms of the rules of auction will be paid into this trust account for the benefit of the Seller, minus any commission payable to the Auctioneers The Company is in liquidation and the sale is in the ordinary course of the winding up of the Company The total cost of advertising and conducting the auction of the items is available from the Auctioneers upon request such costs are broken down as follows: Advertising costs; Brochure and marketing material; Photography The conduct of the on-line auction is subject to the control of the Auctioneers. It has the sole right to regulate the bidding procedure and may accept or reject bids in its sole discretion without providing reasons

3 1.9. The Auctioneers do not permit the making of a bid on behalf of the Seller. Furthermore, the Auctioneers employees or their representatives are NOT permitted to bid on the auction. Only bids submitted from bona fide registered bidders will be accepted The sale shall be by the rise and the items shall be sold to the highest bidder subject to the rules of auction as per this document Every prospective bidder must read the rules of auction and must not bid unless he or she has done so Every bid shall constitute an offer to purchase the item for the amount bid upon the terms and conditions contained herein, which the Seller or the Auctioneers may accept or reject in their absolute discretion If no bid equals or exceeds the reserve price, items may be withdrawn from the auction In the event of any dispute in relation to an auction sale, the decision of the Auctioneers shall be final and binding 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 Subject to these rules, the person that has submitted the highest bid at the time of conclusion of the auction shall be the Buyer Any bid activity in last FIVE (5) minutes, will result in an extension of TEN (10) minutes until activity ceases and/or 90 (Ninety) minutes post auction has passed.elapsed 2. Viewing and Inspection 2.1. Viewing and inspection will take place strictly by appointment with the Auctioneers or as advertised on stated viewing days. 3. Confirmation by Seller and payment 3.1. For ALL items where the highest bid falls under reserve, the Seller has two (2) business days from the conclusion of the Auction to either accept, reject or counter the highest bid, during which period the Buyer shall not be entitled to withdraw his bid ( the Confirmation Period )

4 3.2. All items will be paid for in full by the Buyer in to the Auctioneers trust account immediately upon confirmation of acceptance of the highest bid by the Seller Upon completion of the auction a completed sale shall be indicated on site showing the item as CLEARED! 3.4. The Buyer s offer shall remain open for acceptance by the Seller or by the Auctioneer on behalf of the Seller, until expiry of the Confirmation Period. The Buyer and the Auctioneers acknowledge and agree that this provision is for the benefit of the Seller. No bid may be withdrawn until the expiry of the Confirmation Period. The Seller shall not be required to notify the Buyer of the acceptance of its offer prior to expiry of the Confirmation Period Every bid shall constitute an offer to purchase the lot for the amount bid, which the Seller or the Auctioneer may accept or reject in their absolute discretion. The Seller and the Auctioneers are entitled, in their absolute discretion to withdraw the lot from sale prior to acceptance by the Seller unless the Seller instructs the Auctioneers to accept a lower bid. 4. Removal and collection 4.1. The Buyer shall collect all items purchased, at the Buyer s cost, at the conclusion of the auction and after full payment of all amounts due by the Buyer in terms of the auction rules Successful bidders will be allocated collection dates for the removal of Assets, the Seller will co-ordinate the removal of Assets with successful Buyers No item may be removed without proof of payment and a release note from the Auctioneers in respect of such sold lot which shall clearly state the reference and description which clearly corresponds to marks affixed actual lots with either stickers or spray paint. The Buyer may not remove any goods or vehicles without being accompanied by the appointed Seller s representative Any items that have not been removed at the times provided above shall be subject to a storage fee of BWP VAT per item per day which fee shall be charged to the Buyer and payable upon demand All costs pertaining to the collection and transfer of items to the Buyer shall be for the Buyer s account The Buyer must also adhere to safety rules prescribed by the Seller or the Buyer may be asked to leave the site

5 5. Payment of purchase price 5.1. All prices are quoted and are payable in US Dollars or Botswana Pula unless otherwise stated The purchase price of each item will be paid by the Buyer by bank guaranteed cheque, by electronic funds transfer or credit card, immediately on conclusion of the auction. Cash payments will be accepted, but are required to be made directly into the Auctioneers bank account by the Buyer, subject to an additional fee equal to 1% of the cash amount deposited to cover the bank s cash deposit fees. No items may be removed until funds have cleared the Auctioneers bank account All bids that are made and received are exclusive of Commission, VAT and Witholding Tax (If for export VAT arrangements must be made in writing) Foreign Buyers wiring funds to please include an additional BWP per wire transfer to cover bank charges. 6. Ownership and risk 6.1. All items are sold voetstoots and the risk in each item passes to the highest bidder upon acceptance of the highest bid by the Seller Ownership of the items shall pass to the Buyer only on payment of the full purchase price, plus VAT if applicable, and Auctioneers commission. 7. Auctioneer s commission 7.1. Unless otherwise stated, the Buyer shall pay Auctioneers commission to the Auctioneers at the rate specified on the asset listing which commission shall be deemed to have been earned upon acceptance of the Buyer s bid by the Seller and shall be payable to the auctioneer immediately against delivery of the items to the Buyer. 8. Yellow Metal & Vehicles 8.1. Any Buyer of a motor vehicle or yellow metal that will involve road usage acknowledges and agrees that it accepts responsibility to take all steps reasonably required to attend to the registration of the vehicle into its (the Buyer s) name within 21 calendar days from the day of the auction The Auctioneer records that the Seller is in liquidation and does not have documents of title. Notwithstanding the foregoing, the Seller shall assist the Buyer with a letter recording the details of the sale and that the Buyer has acquired the asset from the estate

6 9. Default / Breach If the Buyer breaches any of these conditions of sale, he/she may be liable to pay the total cost of advertising and conducting the auction of the items that he/she has purchased. 10. General These rules of auction shall interpreted and used in conjunction with the laws of the Republic of Botswana No variation or alteration or cancellation of these rules of auction or any of the terms hereof, shall be of any force or effect, unless in writing and signed by the Buyer, the Seller and the Auctioneers An additional fee of BWP VAT will be added to the Invoice for all administrative paperwork regarding Police Clearance (applicable to export clients only) All additional costs associated with customs clearance will remain for Buyer s own account and responsibility Buyer takes full responsibility to obtain the registration documents and / or all relevant documents as well as any keys or attachments associated with this asset upon collection of the asset The Auctioneers will not be held responsible or liable for any documentation, keys or attachments associated with any asset whatsoever