Company is established. Pieter sole director. (Costs for account of Charles) Price will be 170-00 per ha (Jul 99) a) Charles pays Landbank [Agricultural Bank] via Pieter as from Jul 99. b) Charles resides in [??] and exercises control over front part of house. c) Charles is allowed to let cattle graze on Pietersburg. Jul 2001 Co. must be in place and P/B must already be operated as a – business in the Co. Jul 2001: Charles pays 210 000 in cash in respect of transfer of 39% / 49% of permissible shares (%-wise). Upon obtaining permanent residence (application after 2 ½ years) Charles takes over remaining 51% of shares. Whatever the outstanding amount at Landbank, will then be the balance of the purchase price ± 290 000. * in respect of point 5: Changes with purchase of aircraft. Pieter undertakes to also accept the amount that was paid on CUM ± 130 000?? as part of the payment for P.A [?].’ [9] The court a quo further recorded and explained the agreement as follows when it referred to case: appellant’s and contentions made by applicant ‘Allegations [4] The applicant deposed to the founding affidavit wherein he stated, among other things, that on or about July 1999 at Oshakati, he had entered into an
Company is established. Pieter sole director. (Costs for account of Charles) Price will be 170-00 per ha (Jul 99) a) Charles pays Landbank [Agricultural Bank] via Pieter as from Jul 99. b) Charles resides in [??] and exercises control over front part of house. c) Charles is allowed to let cattle graze on Pietersburg. Jul 2001 – Co. must be in place and P/B must already be operated as a business in the Co. Jul 2001: Charles pays 210 000 in cash in respect of transfer of 39% / 49% of permissible shares (%-wise). Upon obtaining permanent residence (application after 2 ½ years) Charles takes over remaining 51% of shares. Whatever the outstanding amount at Landbank, will then be the balance of the purchase price ± 290 000. * in respect of point 5: Changes with purchase of aircraft. Pieter undertakes to also accept the amount that was paid on CUM ± 130 000?? as part of the payment for P.A [?].’ [9] The court a quo further recorded and explained the agreement as follows when it referred to appellant’s case: ‘Allegations and contentions made by applicant [4] The applicant deposed to the founding affidavit wherein he stated, among other things, that on or about July 1999 at Oshakati, he had entered into an