| Thu 25 Oct 2007, 15:47 | | ACP - Acucap Properties Limited - Update on Intrap |
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ACP
ACP
ACP - Acucap Properties Limited - Update on Intraprop transaction
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
UPDATE ON INTRAPROP TRANSACTION
As announced on SENS on 6 July 2007, Acucap has acquired 100% of the shares in
and claims on loan account against Intaprop Investments (Proprietary) Limited
("Intaprop") (the "acquisition") in consideration for Acucap linked units
("consideration units") from inter alia, The Windermere Investment Trust
("Windermere") of which, independent non-executive director of Acucap, Mr Norman
Whale (the "director"), is a beneficiary. The acquisition became unconditional
upon receipt of the approval of the Competition Tribunal, as announced on SENS
on 17 October 2007. Accordingly, Windermere received 5,046,364 Acucap units in
consideration therefore on 24 October 2007. The units were issued at a price of
R32.00 per unit (in aggregate R 161,483,648).
Simultaneously with the conclusion of the acquisition agreement, the sellers
(including Windermere) concluded an agreement for the disposal of 14 million of
the consideration units to the Public Investment Corporation ("PIC"), at a price
of R33.50 per unit (of which 4,013,333 are sold by Windermere - a total value of
R 134,446,655.50).
Although the units were issued and are to be transferred to the PIC during a
closed period, they have been issued and delivered in compliance with the time
periods stipulated in the acquisition and disposal agreements, both concluded
prior to commencement of the closed period.
As a result of the placement of units with the PIC, it now owns 17.1m units in
Acucap, representing 12.7% of the units in issue.
Rosebank
25 October 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 25/10/2007 15:47:01 Produced by the JSE SENS Department.
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