|
HYP
HYP
HYP - Hyprop Investments Limited - Proposed acquisition of Attfund Retail and
cautionary announcement
Hyprop Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1987/005284/06
Share code: HYP ISIN:ZAE000003430
("Hyprop" or "the company")
PROPOSED ACQUISITION OF ATTFUND RETAIL AND CAUTIONARY ANNOUNCEMENT
Combined unitholders are advised that Hyprop has reached an in principle
agreement with the board of Femtoworx Limited, (in the process of being renamed
Attfund Retail Limited) ("Attfund Retail") in relation to the terms of a
proposed offer to acquire 100% of the shares in Attfund Retail, for the purpose
of acquiring Attfund Retail`s portfolio of property assets and listed
securities.
On the implementation of the proposed offer Attfund Retail`s property portfolio
will comprise Atterbury Value Mart; CapeGate Retail Precinct; Clearwater Mall;
Somerset Value Mart; Willow Bridge Lifestyle Centre; Woodlands Boulevard; a 25%
undivided share in Centurion Mall; a 20% indirect share in Garden Route Mall;
Glenfield Office Park; Glenwood Office Park; and Lakefield Office Park. In
addition Attfund Retail owns 8 897 297 Sycom units, 2 610 430 Acucap units, the
asset management business of Attfund Retail and Word 4 Word Marketing
(Proprietary) Limited.
In terms of the proposed offer, Hyprop will acquire 100% of the issued share
capital of Attfund Retail for an aggregate effective consideration of R8.986
billion less the value of Attfund Retail`s debt. The offer consideration will be
discharged as follows:
- R6.048 billion by the issue of 112 million Hyprop combined units at
R54.00 per unit; and
- the balance in cash.
Upon implementation of the offer the Attfund Retail shareholders will pay a
R130m transaction fee to Redefine Properties Limited ("Redefine"). The fee will
be settled out of the cash portion of the consideration. The payment of the fee
by the Attfund Retail shareholders will be subject to approval of an independent
majority of Hyprop unitholders, failing which no fee shall be payable to
Redefine.
The proposed offer remains subject to a number of conditions including the
conclusion of formal agreements within seven business days of the date of this
announcement and all requisite unitholder and regulatory approvals.
On the completion of the formal agreements a more detailed announcement will be
published, pending that announcement combined unitholders are advised to
exercise caution when dealing in their Hyprop securities.
Johannesburg
6 December 2010
Sponsor, corporate advisor and legal advisor to Hyprop
Java Capital
Legal advisor to Attfund Retail
Edward Nathan Sonnenbergs Inc.
Date: 06/12/2010 08:36:59 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. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
