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GRT
GRT
GRT - Growthpoint - Acquisition by Growthpoint or its nominee of and the
adoption of the proposed staff incentive scheme
18 October 2007 - Growthpoint Properties Limited - Fulfilment of final condition
precedent
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
JSE share code: GRT ISIN: ZAE000037669
("Growthpoint" or "the Company")
ACQUISITION BY GROWTHPOINT PROPERTIES LIMITED OR ITS NOMINEE OF THE PROPERTY
SERVICES BUSINESSES OF INVESTEC PROPERTY GROUP LTD ("IPG") AND THE ADOPTION OF
THE PROPOSED STAFF INCENTIVE SCHEME
The Competition Tribunal yesterday morning approved the above acquisition
subject to the removal of certain restraint terms and extension provisions in
the agreements governing the acquisition. Growthpoint and IPG have agreed to
remove the terms restricting Growthpoint entering into property development
transactions and IPG establishing a competing property administration and
property asset management business. Accordingly, Growthpoint linked unitholders
are hereby informed that the acquisition and the implementation of the staff
incentive scheme are now unconditional and will be implemented in accordance
with the other terms as set out in the circular distributed to linked
unitholders on 6 August 2007.
Sandton
18 October 2007
Independent Expert
Ernst & Young Advisory Services Limited
(Registration number 2006/018260/06)
Lead Sponsor
Ernst & Young Sponsors (Proprietary) Limited
(Registration number 2000/031843/07)
Joint Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Attorneys
Jowell Glyn & Marais Inc
(Registration number 2001/020379/21)
Independent Reporting Accountants
KPMG Inc
(Registration number 1999/021543/21)
Independent advisors and attorneys to the AMU Trust and Phatsima Properties
(Proprietary) Limited
Fluxmans Inc
(Registration number 2000/024775/21)
Date: 18/10/2007 09:55:01 Produced by the JSE SENS Department.
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