SAC - SA Corporate - SA Corporate offer to SA Reta
SAC
SAC
SAC - SA Corporate - SA Corporate offer to SA Retail gets 99% acceptance
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" or "the Fund")
SA CORPORATE OFFER TO SA RETAIL GETS 99% ACCEPTANCE
SA Corporate Real Estate Fund said today its offer to acquire all the
units in SA Retail Properties Ltd had been accepted by holders of 99.79%
of SA Retail units. The offer closed on Friday (May 4).
SA Corporate offered 3,05 units for every one SA Retail unit, with a
cash alternative of R10,50 a unit.
Craig Ewin, head of listed real estate at Old Mutual Investment Group
Property Investments, the managers of SA Corporate, said that unitholders
have clearly seen value in a merged fund with a R8 billion market
capitalisation.
"Based on the SA Corporate offer and the closing price of 462 cents for a
SA Corporate unit on May 4, the effective price for a SA Retail unit was
R14,09, well above the R10,00 at which SA Retail units were trading at
the time the offer was announced. "
7 May 2007
ends
Date: 07/05/2007 16:52:02 Produced by the JSE SENS Department.
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