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GRT
GRT
GRT - Growthpoint Properties - Update On Proposed Acquisition Of A Controlling
Interest In Orchard Industrial Property Fund ("OIF")
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN ZAE000037669
("Growthpoint")
UPDATE ON PROPOSED ACQUISITION OF A CONTROLLING INTEREST IN ORCHARD INDUSTRIAL
PROPERTY FUND ("OIF")
1 INTRODUCTION
Growthpoint linked unitholders are referred to the announcement released on the
Securities Exchange News Service of the JSE Limited on 18 May 2009 relating to
the proposed acquisition by Growthpoint of a controlling interest in OIF
("Proposed Acquisiton").
2 LODGEMENT OF MEETING BOOKLET
On 25 June 2009, the directors of Orchard Property Limited, the current
responsible entity of OIF, and the directors of Orchard Management Limited the
proposed new responsible entity, lodged with the Australian Securities and
Investments Commission the Meeting Booklet comprising an Explanatory Memorandum,
Notice of Meeting and Prospectus relating to the Proposed Acquisition.
Deloitte Corporate Finance (Australia), who was appointed as the Independent
Expert to OIF has evaluated the Proposed Acquisition and concluded it is in the
Best Interests of OIF Unitholders. The OIF directors have unanimously
recommended that Unitholders vote in favour of the Proposed Acquisition and
intend to vote their unitholdings in OIF in favour of all the resolutions to be
proposed at the unitholder meeting to be held at the end of July.
3 SALIENT DATES
The salient dates relating to the Proposed Acquisition are detailed below:
General dates
Deadline for lodgement of Proxy Forms for Tuesday 28 July 2009
the Unitholder Meeting
Unitholder Meeting Thursday 30 July 2009
Implementation Date Monday 3 August 2009
Rights Issue Offer dates
Ex-date for Rights Tuesday 11 August 2009
Rights Issue Record Date Monday 17 August 2009
Despatch of Rights Issue Offer Document Wednesday 19 August 2009
Allotment of new Stapled Securities Early to mid September 2009
For further information on the Proposed Acquistion Growthpoint untiholders are
referred to the OIF website www.orchardfunds.com where the Meeting Booklet is
available for inspection electronically.
25 June 2009
Financial adviser and sponsor to Growthpoint
Investec Corporate Finance and Investec Bank Australia Limited
Legal adviser to Growthpoint in South Africa
Glyn Marais
Legal adviser to Growthpoint in Australia
Blake Dawson
Date: 25/06/2009 11:07:03 Produced by the JSE SENS Department.
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