SAC - SA Corporate - Overwhelming support for SA C
SAC
SAC
SAC - SA Corporate - Overwhelming support for SA Corporate deal with SA Retail
SA CORPORATE REAL ESTATE FUND
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share code: SAC ISIN code: ZAE000083614
A Collective Investment Scheme in property
registered in terms of the Collective Investment Schemes
Control Act, No. 45 of 2002 and managed by
SA Corporate Real Estate Fund Managers Limited
(formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corporate")
Overwhelming support for SA Corporate deal with SA Retail
A meeting of unitholders of SA Corporate Real Estate Fund in Durban today
overwhelmingly approved the acquisition of SA Retail Properties Ltd, with over
99% of the unitholders voting in favour of the transaction. This paves the way
for a R7 billion diversified fund.
Craig Ewin, head of listed real estate at Old Mutual Investment Group: Property
Investments, which manages both funds, says that competition commission approval
will be the final leg in the regulatory process which has necessitated extending
the offer dates by one week. The SA Corporate offer to SA Retail linked
unitholders will now close on May 4, and results will be announced on May 7.
Ewin says SA Corporate requires a 90% acceptance of the offer in order to invoke
section 440k of the Companies Act.
"Given that SA Corporate already has 97% irrevocable acceptance of the offer, it
is therefore a matter of the flow through of paperwork for SA Retail unitholders
to swap their units into SA Corporate.
"Following last week`s approval by SA Retail unitholders of the acquisition of
the R1 billion Sharemax portfolio of 10 retail properties, the enlarged SA
Corporate fund will have a market capitalisation of more than R7 billion, with
enhanced diversity, liquidity, cost economies and investment demand. "
The stock has appreciated by 17% since the offer was announced on January 16.
12 April 2007
Investment bank and sponsor
Nedbank Capital
Date: 12/04/2007 13:31:24 Produced by the JSE SENS Department.
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