HYP - Hyprop Investments - Redefine`s Acquisition of an Additional Stake in
HYP
HYP
HYP - Hyprop Investments - Redefine`s Acquisition of an Additional Stake in
Hyprop and Withdrawal of Cautionary Announcement
Hyprop Investments Limited
Incorporated in the Republic of South Africa)
Registration No. 1987/005284/06)
Share Code: HYP
ISIN Code: ZAE000003430
("Hyprop")
REDEFINE`S ACQUISITION OF AN ADDITIONAL STAKE IN HYPROP AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
Hyprop combined unitholders are referred to the cautionary announcement dated 2
March 2009 in which they were referred to the announcement released by Redefine
Income Fund Limited ("Redefine") advising that it was in negotiations to
potentially increase its stake in Hyprop.
In an announcement released by Redefine today, Redefine advised its unitholders
that it has concluded an agreement to acquire (the "acquisition") an additional
19,686,558 Hyprop units from Coronation Asset Management at a price of R50 per
Hyprop unit that, if implemented, will:
- result in Redefine increasing its stake in Hyprop from 33.3% to 45.2%; and
- will trigger a mandatory offer (the "mandatory offer") to all Hyprop
unitholders at a price of R50 per combined unit in terms of the Securities
Regulation Code on Takeovers and Mergers (the "Code").
Redefine has advised its unitholders that the implementation of the acquisition
is conditional upon the requisite approval:
- of the South African Competition Authorities;
- and of Redefine unitholders,
(both for the acquisition itself and for the mandatory offer) being obtained by
31 August 2010.
If the acquisition is implemented and the mandatory offer is triggered the
Hyprop board will, inter alia, appoint an independent expert to provide advice
to Hyprop combined unitholders on the mandatory offer. In the interim Hyprop
will continue to keep combined unitholders updated on any developments in
relation to the acquisition and the mandatory offer as and when these
developments come to the attention of the Hyprop board.
The cautionary announcement dated 2 March 2010 is hereby withdrawn.
24 March 2010
Sponsor
Java Capital (Proprietary) Limited
Date: 24/03/2010 09:06:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
