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APA APB AXC
APA
APA / APB / AXC - ApexHi Properties Limited - Issue of units to the Apexhi
Charitable Trust
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1999/000238/06
Share codes: APA ISIN codes: ZAE000083598
APB ZAE000083606
AXC ZAE000083580
("ApexHi")
ISSUE OF UNITS TO THE APEXHI CHARITABLE TRUST
On 12 March 2008 it was announced (the "announcement") that, as part of ApexHi`s
social investment and broad based benefit initiatives and subject to all
necessary unit holder approvals:
- ApexHi will issue 20 million ApexHi A, B and C units (the "trust units")
to the ApexHi Charitable Trust ("the trust"); and
- the total subscription price payable for the trust units will be financed
by a loan from ApexHi (the "trust loan").
A circular to ApexHi unit holders providing further details in relation to the
trust and including a notice of general meeting (the "meeting") at which unit
holders will be requested to approve the issue of the trust units and advance
the trust loan was posted to unit holders on 1 July 2008.
As detailed in the circular the subscription price per combined ApexHi A, B and
C unit will now be R32.13 (being the volume weighted average price at which
ApexHi A, B and C units traded for the 20 days preceding 20 June 2008, the last
practicable date for finalisation of the circular) as opposed to the volume
weighted average price at which such units traded for the 20 days preceding the
meeting, as set out in the announcement.
As regards the financial effects, it has been determined that until such time as
the trust loan is repaid, ApexHi will consolidate the trust. As a result neither
the trust units nor the trust loan will be reflected in ApexHi`s consolidated
financial statements and accordingly the issue of the trust units and granting
of the trust loan will have no effect on ApexHi`s pro forma historical earnings,
headline earnings or asset value per unit. The financial effects included in the
announcement were prepared on the assumption that the trust was not being
consolidated. More detail in relation to the financial effects is provided in
the circular.
1 July 2008
Corporate and legal advisor and sponsor
Java Capital (Proprietary) Limited
Date: 01/07/2008 17:01:01 Produced by the JSE SENS Department.
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