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CBS
CBS
CBS- CBS / Public Investment Corporation - Salient Dates And Times And Payment
Of Special Distribution
CBS Property Portfolio Limited
Incorporated in the Republic of South Africa)
(Registration number: 2003/009523/06)
Share code: CBS & ISIN: ZAE000073995
("CBS")
Public Investment Corporation
(Incorporated in the Republic of South Africa)
(Registration number 2005/009094/06)
Announcement of salient dates and times relating to the offer by the Government
Employees Pension Fund, as duly represented by the Public Investment Corporation
(the "PIC") to acquire all the CBS linked units in issue ("the Offer") and
payment of a special distribution of 24 cents per CBS linked unit
1. Acceptances of the Offer
At the date of this announcement, CBS linked unitholders that held
110,210,675 CBS linked units or 57.23% of the CBS linked units in issue
have tendered their CBS linked units in terms of the Offer. The PIC has
therefore received acceptances from CBS linked unitholders holding 81.45%
of the CBS linked units held by CBS linked unitholders other than those
already held by the PIC prior to the opening of the Offer ("Offer linked
units").
2. Closing of the Offer
The PIC therefore wishes to give 14 days notice to CBS linked unitholders
that it is closing its Offer in terms of the salient dates and times
section as set out in paragraph 4 below.
Once the Offer has closed it will be the intention of the PIC to exercise
its entitlement to compulsory acquire the CBS linked units not tendered in
terms of the Offer by invoking s440K of the Companies Act, Act 61 of 1973
if the PIC acquires not less than 90% of the Offer linked units through the
Offer. A further announcement will be made in this respect.
3. Payment of the special distribution
CBS linked unitholders will be paid a special distribution on 13 August
2007 of 24 cents per CBS linked unit held. The special distribution has
been determined in accordance with CBS`s normal distribution policy, and
has been calculated for the period from 1 May 2007 to the last day to trade
to participate in the Offer, being Thursday 2 August 2007 ("last day to
trade").
For the avoidance of doubt, CBS linked unitholders that have:
- tendered their CBS linked units in terms of the Offer prior to the
last day to trade will receive the special distribution as if they
were CBS linked unitholders as at the last day to trade; and
- not tendered their CBS linked units in terms of the Offer prior to the
last day to trade will receive the special distribution.
4. Salient dates and times
The salient dates and times of the Offer and the special distribution are
set out below:
2007
Last day to trade in order for CBS Thursday, 2 August
linked unitholders to participate in
the Offer and to qualify for the
special distribution
CBS linked units trade ex the right Friday, 3 August
to participate in the Offer and to
qualify for the special distribution
Record date on which CBS linked Friday, 10 August
unitholders must be recorded in the
register in order to participate in
the Offer and to qualify for the
special distribution
Closing date of the Offer at 12:00 Friday, 10 August
Payment of the special distribution Monday, 13 August
Results of the Offer announced on the Monday, 13 August
Securities Exchange News Service
Results of the Offer published in the Tuesday, 14 August
South African press
Offer consideration posted to offer Within seven days of the
participants who have not Offer being accepted subject
dematerialised their CBS linked units to receipt of the form of
acceptance, surrender and
transfer and the documents of
title by the transfer
secretaries
Offer consideration credited to the Within seven days of the
CSDP or broker, as the case may be, Offer being accepted subject
of Offer participants who have to the receipt of
dematerialised their CBS linked units notification by the transfer
and whose acceptance of the Offer has secretaries
been received by the transfer
secretaries
Cape Town
26 July 2007
Investment bank to the PIC
Nedbank Capital
Attorneys to CBS
Jowell Glyn & Marais
Sponsor to CBS
Investec Bank Limited
Investment bank to CBS
Investec Corporate Finance
Date: 26/07/2007 11:47:05 Produced by the JSE SENS Department.
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