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MDN
MDN
MDN - Madison - Acquisition Of 5 Million Apexhi Properties Ltd C Units
Madison Property Fund Managers Holdings Limited
Registration number 2003/021772/06
Madison Property Fund Managers Limited
Registration number 2005/021874/06
("Madison" or "the group")
Share Code: MDN & ISIN Code: ZAE000080560
ACQUISITION OF 5 MILLION APEXHI PROPERTIES LTD ("APEXHI") C UNITS
INTRODUCTION
In order to incentivise Madison employees responsible for the management of
ApexHi ("the employees"), and to align the interests of the employees with those
of ApexHi unitholders, Madison has put in place an incentive scheme entitling
the employees to receipt of a bonus for each of the ensuing three years
calculated with reference to the performance of the ApexHi C units.
In this context and in order to hedge it`s liabilities under this incentive
scheme, Madison has concluded an agreement ("the agreement") with Clearwater
Property Holdings No. 3 (Proprietary) Limited ("CPH") in terms of which Madison
will acquire 5 000 000 ApexHi C units ("the sale units") from CPH on the terms
set out below.
The above transaction was conditional upon the written consent of ApexHi which
has now been obtained on the basis that ApexHi will be entitled to the capital
growth, net of interest and distributions, on 500 000 of the sale units to fund
the first payment due in 2008 in respect of a similar incentive scheme in place
for Gerald Leissner, Chief Executive Officer of ApexHi.
TERMS OF THE ACQUISITION
The effective date of the acquisition is 30 March 2007.
The purchase price payable to CPH for the sale units is R23 159 413 plus
interest calculated at prime less 1.75% from the effective date until the date
on which the transaction is implemented.
RELATED PARTY TRANSACTION
Given that CPH is a material shareholder of Madison the acquisition is regarded
as a small related party transaction by the JSE. PKF (Jhb) Inc. who were
appointed as independent advisors to determine whether the terms of the
acquisition are fair and reasonable to Madison unitholders, have concluded that
the acquisition is both fair and reasonable. A copy of their report will be
available for inspection at the offices of Madison, 2 Arnold Road, Rosebank
until 4 September 2007.
Financial information
The effects of the acquisition on the historical earnings, headline earnings,
net asset value and net tangible asset value per Madison linked unit are
immaterial and accordingly have not been disclosed.
Rosebank
7 August 2007
Sponsor
Java Capital (Proprietary) Limited
Independent expert
PKF (Jhb) Inc.
Date: 07/08/2007 15:56:03 Produced by the JSE SENS Department.
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