Apex Property Fund
("Apex")
A unit trust scheme in property shares registered in terms of the Unit Trusts
Control Act, No. 54 of 1981 ("the UTC Act") and managed by Anglo American
Property Fund Managers Limited
("AAPFM")
Results of general meeting and fulfilment of conditions precedent relating to
the restructuring of Apex
Further to the circular to Apex unitholders dated 14 December 2000, Nedcor
Investment Bank Limited is authorised to announce that at a general meeting of
unitholders of Apex held on Friday, 26 January 2001 the unitholders of Apex
unanimously approved the ordinary and special resolutions relating to:
* the disposal of the businesses of the fixed property companies of Apex to
ApexHi Properties Limited ("ApexHi");
* the voluntary winding-up of the unit portfolio of Apex in terms of section
25(2) of the UTC Act and the delisting of the Apex units from the JSE
Securities Exchange South Africa ("JSE");
* the acquisition by ApexHi of certain properties and tenants' rights to
certain long leases from Anglo American Properties Limited and its wholly-owned
subsidiary;
* the acquisition by ApexHi of certain businesses and land from Ampros
(Proprietary) Limited and certain of its subsidiaries; and
* the issue of 1 000 000 ApexHi linked units for cash.
On Tuesday, 13 February 2001, the High Court of South Africa granted the order
approving the winding-up of the unit portfolio of Apex in terms of section
25(2) of the UTC Act. All other conditions precedent relating to the
restructuring of Apex have been fulfilled, including:
* the approval of the Apex Trustee and the Registrar of Unit Trust Companies;
* the approval of the competition authorities; and
* the approval of the JSE to the listing of the ApexHi linked units.
Accordingly:
* Apex will be suspended from the JSE at the commencement of business and
subsequently terminated at the close of business on Friday, 2 March 2001 ("the
LDR date") and all transactions in Apex units from Monday, 26 February 2001 to
Thursday, 1 March 2001 will be for immediate settlement and must be settled in
Apex units;
Apex unitholders registered as such at the close of business on the LDR date
will receive:
- an income distribution for the period 1 October 2000 to Monday, 5 March 2001,
and
- 3,551594 ApexHi linked units for every 100 Apex units held on the LDR date;
and
* ApexHi will be listed in the Real Estate - "Property Loan Stock" sector of
the JSE list with effect from Monday, 5 March 2001 under the abbreviated name
"ApexHi" and JSE code "AXI".
Rosebank
14 February 2001
Investment bank
Nedcor Investment Bank
Reporting accountants and auditors
PricewaterhouseCoopers Inc.
Chartered Accountants (SA)
Registered Accountants & Auditors
(Registration no. 1998/012055/21)
Corporate law advisers and consultants
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
Sponsoring broker
Merrill Lynch South Africa (Pty) Ltd
Member of the JSE Securities Exchange South Africa
Registration number 1995/001805/07
Attorneys
Knowles Husain Inc Attorneys
(Registration number 2000/000004/21
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.
