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SZA
SZA
SZA - Sizafika - Announcement Providing Linked Unit Holders With An Update
Regarding Sizafika, Results Of The Annual General Meeting,
Change Of Name And Cautionary
Sizafika Property Investments Limited
(Formerly Adonis Knitwear Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1969/002908/06)
Share code: SZA & ISIN: ZAE000080198
("Sizafika or "the company")
ANNOUNCEMENT PROVIDING LINKED UNIT HOLDERS WITH AN UPDATE REGARDING
SIZAFIKA, RESULTS OF THE ANNUAL GENERAL MEETING, CHANGE OF NAME AND
CAUTIONARY
INTRODUCTION
In previous announcements dated 24 October 2006 and 22 December
2006,Sizafika linked unit holders were advised that Sizafika had concluded
agreements to acquire commercial properties from various vendors. The
proposed acquisitions were subject to the fulfilment of a number of
suspensive conditions, including a successful vendor placing.
Even though Sizafika had received firm undertakings from a number of
financial institutions to subscribe for a portion of the vendor linked
units that were required to be placed, the board has after due
consideration adopted a revised strategy following various discussions with
providers of equity and debt finance. The revised strategy is to
restructure the acquisition to take account of:
-Views expressed by industry participants relating to a preferred size of
portfolio and profile of properties;
-The funding mix as between equity and debt; and
-Taking account of specific structuring needs of prospective equity
participants
In accordance with the revised strategy, the board is in discussions with a
consortium of private equity investors on the envisaged acquisition of a
revised portfolio of approximately R486 million with Sizafika being one of
the participants in the joint venture company owning the properties
It is anticipated that the full details of the revised transaction will be
published in a further announcement once the transaction has been
concluded.
SUSPENSION OF LISTING BY JSE
As Sizafika was unable to conclude the acquisition of its properties with
the time constraints set out for "Cash shells" in the Listings Requirements
of the JSE Limited ("the JSE"), the listing of Sizafika`s linked units on
the JSE was suspended on 5 April 2007. An application for the re-listing of
the linked units will be made once the transaction referred to above has
been concluded.
RESULTS OF THE ANNUAL GENERAL MEETING AND CHANGE OF NAME
The Annual General Meeting of linked unitholders of Sizafika was held on 3
May 2007.
All resolutions were passed with the requisite majorities, including a
special resolution to change the name of the company to Emergent Properties
Limited. The reason for and the effect of the change of name is that
Sizafika was informed that its name was in conflict with a trade mark that
had previously been registered by Safika Holdings (Pty) Ltd. Unit holders
will be informed of the corporate action timetable required to implement
the change of name.
CAUTIONARY
Accordingly linked unit holders are advised to exercise caution when
dealing in the company`s securities until a further announcement is made.
Sandton
4 May 2007
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 04/05/2007 09:00:01 Produced by the JSE SENS Department.
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