| Mon 28 Feb 2011, 17:25 | | PAP - Pangbourne Properties Limited - Results of the Pangbourne scheme |
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PAP CPL
PAP
PAP - Pangbourne Properties Limited - Results of the Pangbourne scheme
meetings
Pangbourne Properties Limited
(Registration No. 1987/002352/06)
Share Code: PAP
ISIN Code: ZAE000005252
("Pangbourne")
Capital Property Fund
Share Code: CPL
ISIN: ZAE000001731
("Capital")
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme
in Property established in terms of the Collective Investment Schemes Control
Act, No 45 of 2002)
Managed by Property Fund Managers Limited
(Registration No. 1980/009531/06)
RESULTS OF THE PANGBOURNE SCHEME MEETINGS
Separate scheme meetings (the "scheme meetings") of Pangbourne linked
unitholders in their capacity as shareholders of Pangbourne, in respect of
the shares in Pangbourne held by them, and in their capacity as creditors of
Pangbourne, in respect of the Pangbourne debentures held by them, were held on
Monday, 28 February 2011 for purposes of considering and, if deemed fit,
approving the scheme of arrangement proposed by Capital between Pangbourne and
its linked unitholders (the "scheme") on the terms set out in the scheme
circular dated 3 February 2011.
Pangbourne linked unitholders are advised that at the scheme meetings the
scheme was approved by the requisite majorities of scheme members in terms of
sections 311(2)(a) and 311(2)(b) of the Companies Act, No. 61 of 1973.
The Chairman of the scheme meetings is to report back to the South Gauteng
High Court, Johannesburg ("the Court") on Tuesday, 8 March 2011 ("the return
date") at 10h00 or so soon thereafter as Counsel may be heard. Copies of the
Chairman`s report on the scheme meetings will be available to any Pangbourne
linked unitholder on request, free of charge, at Pangbourne`s registered
office (3rd Floor, Rivonia Village, Rivonia Boulevard, Rivonia, 2191) and at
the offices of the Chairman c/o Deneys Reitz Inc. (15 Alice Lane, Sandton,
2196) during normal office hours for one week before the return date.
In addition to the sanctioning of the scheme by the Court and the registration
by CIPRO of the Court Order, the scheme remains conditional on the merger of
Capital and Pangboure being approved by the Competition Authorities.
A further announcement or announcements relating to the fulfilment of
conditions to implementation of the scheme and, if applicable, the date on
which the scheme will be implemented will be released on SENS and published in
the press in due course.
28 February 2011
Corporate advisor, legal advisor and sponsor to Capital and
sponsor to Pangbourne
Java Capital
Independent advisor to Pangbourne
Grant Thornton Advisory Services
Attorneys to the scheme
Deneys Reitz
Competition law advisor to Capital and Pangbourne
Vani Chetty Competition Law
Date: 28/02/2011 17:25:00 Produced by the JSE SENS Department.
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