| Tue 9 Jun 2009, 15:30 | | RDF/APA/APB/AXC/MDN - Redefine/ApexHi/Madison - Up |
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APA MDN RDF APB AXC
APA MDN RDF
RDF/APA/APB/AXC/MDN - Redefine/ApexHi/Madison - Update In Respect Of The Salient
Dates Of The Apexhi A, Apexhi B, Apexhi C And Madison Schemes Of Arrangement
Redefine Income Fund Limited
Registration No. 1999/018591/06
Share Code: RDF
ISIN Code: ZAE000023503
("Redefine" or "the proposer")
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1999/000238/06
JSE share code: APA ISIN: ZAE000083598
APB ISIN: ZAE000083580
AXC ISIN: ZAE000083606
("ApexHi")
Madison Property Fund Managers Holdings Limited
Registration No. 2003/021772/06
Madison Property Fund Managers Limited
Registration No. 2005/021874/06
Share Code: MDN
ISIN: ZAE000080560
(collectively, "Madison")
UPDATE IN RESPECT OF THE SALIENT DATES OF THE APEXHI A, APEXHI B, APEXHI C AND
MADISON SCHEMES OF ARRANGEMENT
ApexHi "A" linked unitholders, ApexHi "B" linked unitholders, ApexHi "C" linked
unitholders and Madison linked unitholders are referred to the previous
announcements relating to the proposed acquisition by Redefine of:
- all of the ApexHi "A", ApexHi "B" and ApexHi "C" linked units in issue which
are not already owned by Redefine pursuant to three separate schemes of
arrangement in terms of section 311 of the Companies Act (Act 6 of 1973), as
amended, ("the Act") proposed by Redefine between ApexHi and its "A" linked
unitholders, "B" linked unit holders and "C" linked unitholders respectively,
other than Redefine (collectively, "the ApexHi schemes"); and
- all of the Madison linked units in issue pursuant to a scheme of arrangement
in terms of section 311 of the Act proposed by Redefine between Madison and the
Madison linked unitholders ("the Madison scheme"),
The ApexHi schemes and the Madison scheme were today sanctioned by the South
Gauteng High Court, Johannesburg, subject to the undertaking that the orders
sanctioning the ApexHi Schemes and the Madison Scheme (collectively, "the
Orders") will not be lodged for registration prior to the necessary approval
being obtained from the Competition Authorities for the implementation of the
ApexHi schemes and the Madison scheme.
Accordingly, the ApexHi schemes and the Madison scheme now remain conditional
upon the unconditional approval (or approval on conditions acceptable to
Redefine) being obtained from the Competition Authorities for the implementation
of the ApexHi schemes and the Madison scheme ("Competition Approval") and the
subsequent registration of the Orders. The Orders will be lodged for
registration as soon as possible after receipt of Competition Approval.
The original salient dates announcements (published on 12 April 2009 and 13
April 2009) envisaged that Competition Approval would be obtained by 1 June
2009. The Competition Tribunal hearing of the application for Competition
Approval is now expected to occur during July 2009, thus requiring an amendment
to the salient dates for the implementation of the ApexHi schemes and the
Madison scheme. Revised announcements reflecting the amended salient dates will
be published once the application for Competition Approval has been heard by the
Competition Tribunal and its ruling has been handed down.
To accommodate any further delays in obtaining Competition Approval, ApexHi,
Madison and Redefine have agreed to extend the date for fulfilment of the
outstanding conditions from 30 June 2009 to 31 August 2009. This extension does
not affect the effective date of the ApexHi schemes and the Madison scheme which
will remain as of 1 July 2009.
9 June 2009
Corporate advisor, legal advisor and sponsor to Redefine and
sponsor to ApexHi and Madison
Java Capital (Proprietary) Limited
Independent sponsor to ApexHi and Madison
Deloitte & Touche Sponsor Services (Proprietary) Limited
Attorneys to the ApexHi schemes and the Madison scheme
Fluxmans Inc.
Competition law advisor
Vani Chetty Competition Law (Proprietary) Limited
Date: 09/06/2009 15:04:02 Produced by the JSE SENS Department.
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