GRT - Growthpoint - Results Of Unitholder Meeting With Regard To Proposed
GRT
GRT
GRT - Growthpoint - Results Of Unitholder Meeting With Regard To 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")
RESULTS OF UNITHOLDER MEETING WITH REGARD TO PROPOSED ACQUISITION OF A
CONTROLLING INTEREST IN ORCHARD INDUSTRIAL PROPERTY FUND ("OIF")
Growthpoint linked unitholders are referred to the announcements released on the
Securities Exchange News Service of the JSE Limited on 18 May 2009 and 25 June
2009 relating to the proposed acquisition by Growthpoint of a controlling
interest in OIF ("Proposed Acquisition").
All OIF resolutions necessary for the Proposed Acquisition were approved at the
OIF unitholder meeting held on 30 July 2009. All the conditions precedent other
than those conditions relating to the amendment of the existing debt facilities
have been fulfilled. Conclusion of discussions with the existing lenders are
expected to be completed shortly.
On fulfillment of the remaining conditions precedent Growthpoint will subscribe
for new OIF units giving Growthpoint an interest of 50.1% in OIF for an amount
of A$55.6million. Growthpoint intends to underwrite the proposed OIF rights
offer of A$144.4 million which is envisaged to close on or about Wednesday, 9
September 2009.
For further information on the Proposed Acquisition Growthpoint unitholders are
referred to the OIF website www.orchardfunds.com.
30 July 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: 30/07/2009 07:40:01 Produced by the JSE SENS Department.
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