ACP
ACP
ACP - Acucap - Detailed cautionary with regard to acquisition of `A` grade
office portfolio
Acucap Properties Limited
(Registration No. 2001/021725/06)
Share Code: ACP & ISIN Code: ZAE000037651
("Acucap")
DETAILED CAUTIONARY ANNOUNCEMENT WITH REGARD TO ACQUISITION OF `A` GRADE OFFICE
PORTFOLIO
Unitholders of Acucap are advised that Acucap has reached agreement with the
shareholders of Intaprop Investments (Proprietary) Limited ("Intaprop") (amongst
them, Norman Whale, an independent non-executive director of Acucap) to acquire,
with effect from 1 August 2007, 100% of the shares in and claims on loan account
against Intaprop for a purchase consideration equal to R565 million, payable by
the issue of Acucap linked units at an issue price per Acucap linked unit of
R32. The issue price represents a 4,875% discount to the 30 day volume weighted
average traded price of Acucap linked units at close of trade on 16 May 2007.
Intaprops` assets consist of the (directly and indirectly held) properties known
as Tiger Brands Phase II, Bryanston; Microsoft, Bryanston; Kagiso House, Illovo;
4 Fricker Road, Illovo; Chaplain Corner, Illovo; 82 Grayston Drive, Sandton; The
Wellness Centre, Bryanston and Illovo Boulevard retail buildings.
The acquisition is subject to, inter alia, the following conditions precedent:
- Acucap being satisfied in its discretion with the outcome of a due
diligence investigation on both Intaprop and its assets by 30 June 2007;
- the conclusion of a formal agreement by 15 June 2007;
- Competition Authority approval by 30 September 2007; and
- the sellers arranging facilities, by 30 June 2007, to settle all third
party debt in Intaprop.
The acquisition constitutes a small related party transaction in terms of
section 10.7 of the JSE Listings Requirements. Accordingly, a full announcement
including financial effects will be published in due course. In addition, an
independent expert will be appointed by Acucap to report on the fairness and
reasonableness of the acquisition to Acucap unitholders.
Until such time as a further announcement has been published, unitholders are
advised to exercise caution when dealing in Acucap linked units.
Rosebank
28 May 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 21/05/2007 16:24:01 Produced by the JSE SENS Department.
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