CBS
CBS
CBS - CBS Property Portfolio Limited - Results of the offer
CBS Property Portfolio Limited
(Registration number: 2003/009523/06
Share code: CBS & ISIN: 000073995
(Incorporated in the Republic of South Africa
("CBS")
Public Investment Corporation
(Incorporated in the Republic of South Africa)
(Registration number 2005/009094/06)
Results of 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")
CBS linked unitholders are referred to the announcement dated
Thursday, 26 July 2007 informing CBS linked unitholders of the
salient dates and times relating to the Offer.
At 12:00 on Friday, 10 August 2007, the closing date of the Offer,
the PIC had received acceptances from CBS linked unitholders in
respect of 131,193,512 CBS linked units equating to 96.99% of the
CBS linked units in issue other than those already held by the PIC
prior to the opening of the Offer.
Accordingly, the PIC will exercise its entitlement to compulsorily
acquire the remaining CBS linked units it does not own in terms of
section 440K of the Companies Act, No. 61 of 1973, as amended ("the
Companies Act"). The Companies Act allows the offeror to
compulsorily acquire the interests held by the minorities once it
has received acceptances for not less than nine-tenths of a class of
securities in issue, other than those already held by the offeror.
A circular incorporating a notice in terms of section 440K(1) of the
Companies Act is expected to be posted to CBS linked unitholders in
due course.
Investment bank to the PIC Investment bank to CBS Sponsor to CBS
Nedbank Capital Investec Corporate Finance Investec Bank Limited
Attorneys to CBS
Jowell Glyn & Marais
Date: 14/08/2007 16:18:01 Produced by the JSE SENS Department.
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