HYP
HYP
HYP - Hyprop Investments Limited - Disposal of Attfund Retail`s 25% undivided
share in Centurion Mall
Hyprop Investments Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1987/005284/06)
Share Code: HYP ISIN Code: ZAE000003430
("Hyprop" or "the company")
DISPOSAL OF ATTFUND RETAIL`S 25% UNDIVIDED SHARE IN CENTURION MALL
Combined unitholders are referred to the previous announcements in respect of
the proposed acquisition by Hyprop of 100% of the shares in Attfund Retail
Limited ("Attfund Retail"), for the purpose of acquiring Attfund Retail`s
portfolio of property assets and listed securities (the "Hyprop acquisition").
Unitholders were advised in the Category 1 circular relating to the Hyprop
acquisition ("the circular") that the transfer of Attfund Retail`s 25% undivided
share in Centurion Mall would trigger pre-emptive rights in favour of
Fountainhead Property Trust ("Fountainhead"). Fountainhead indicated that they
will exercise their pre-emptive rights in this regard and accordingly Hyprop has
concluded an agreement with Fountainhead to dispose of Attfund Retail`s 25%
undivided share in Centurion Mall to Fountainhead (the "disposal"). The disposal
is subject to and effective upon the effective date of the Hyprop acquisition.
The disposal consideration is approximately R751.5 million plus any amount paid
or incurred by Attfund Retail in respect of the Pick `n Pay extension at
Centurion Mall. The disposal consideration will be settled in cash. The impact
of the disposal on Attfund Retail`s forecast contained in the circular is not
material.
The acquisition of Attfund Retail remains conditional upon, inter alia, the
implementation of the Attfund Retail restructure, which has taken longer than
anticipated due to delays in transferring certain of the properties to Attfund
Retail. The fulfilment of the outstanding conditions is imminent and a further
announcement will be made in due course.
Johannesburg
29 July 2011
Corporate advisor and legal advisor to Hyprop
Java Capital (Proprietary) Limited
Sponsor to Hyprop
Java Capital
Date: 29/07/2011 10:02:12 Produced by the JSE SENS Department.
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