| Wed 17 Oct 2007, 15:04 | | CBS - CBS Property Portfolio - Compulsory acquisit |
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CBS
CBS
CBS - CBS Property Portfolio - Compulsory acquisition of the remaining CBS
linked units and the delisting of CBS from the JSE Limited
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)
COMPULSORY ACQUISITION OF THE REMAINING CBS LINKED UNITS AND THE DELISTING OF
CBS FROM THE JSE LIMITED ("JSE")
1. Compulsory acquisition and payment of consideration
Further to the announcement dated Tuesday, 4 September 2007 and the
circular incorporating a notice by the Government Employees Pension Fund,
as duly represented by the Public Investment Corporation ("the PIC") in
terms of section 440K of the Companies Act, 61 of 1973, as amended ("the
Act") ("the Circular"), the PIC confirms that it will compulsorily acquire
the remaining CBS linked units, being those CBS linked units not already
held by the PIC on the commencement of business on Wednesday, 17 October
2007, for the cash consideration of R12.00 per CBS linked unit held ("offer
consideration") as set out in the Circular.
CBS linked unitholders who did not tender their respective CBS linked units
pursuant to the Circular ("remaining linked unitholders"), will have been
deemed to have accepted the offer consideration.
2. Termination of the listing of CBS linked units on the JSE
The listing of CBS linked units on the JSE will be terminated with effect
from the commencement of business on Thursday, 25 October 2007.
3. Process for payment to the remaining linked unitholders
The CBS linked units not tendered by the remaining linked unitholders
pursuant to the Circular, as set out above, will be compulsorily acquired
by the PIC in terms of section 440K of the Act. The PIC will submit duly
completed instruments of transfer to CBS, in terms of section 440K(2) of
the Act, and the CBS linked units of such remaining linked unitholders who
have not responded as set out in the Circular will be transferred to the
PIC.
The remaining linked unitholders who are dematerialised CBS linked
unitholders will have their accounts with their Central Securities
Depository Participant ("CSDP") credited with the offer consideration, as
set out in the Circular. The offer consideration payable to the remaining
linked unitholders who are certificated CBS linked unitholders will be paid
by cheque, as set out in the Circular.
Cape Town
Wednesday, 17 October 2007
Investment bank to the PIC
Nedbank Capital
Investment bank to CBS
Investec Corporate Finance
Attorneys to CBS
Jowell Glyn & Marais
Sponsor to CBS
Investec Bank Limited
Date: 17/10/2007 15:04:00 Produced by the JSE SENS Department.
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