HYP - Hyprop Investments Limited - Hyprop Purchase of Placement Units
HYP
HYP
HYP - Hyprop Investments Limited - Hyprop Purchase of Placement Units
Hyprop Investments Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1987/005284/06)
Share Code: HYP ISIN Code: ZAE000003430
("Hyprop")
HYPROP PURCHASE OF PLACEMENT UNITS
The agreement in terms of which Hyprop acquired 100% of the shares in Attfund
Retail Limited (the "acquisition agreement") made provisions for a vendor
placement of up to 15 million of the 92 million consideration units (issued as
Hyprop convertible instruments) to be undertaken within 45 days of the effective
date of the acquisition, being 1 September 2011 and a further vendor placement
of an additional 15 million placement units by 30 October 2011 (collectively the
"placement units").
Pursuant to its contractual rights in terms of the acquisition agreement, Hyprop
has elected to effectively repurchase 15 million of the placement units at a
price of R54.00 per placement unit for a total consideration of R810 million.
This will be funded by Hyprop out of its available debt facilities. The
repurchase of the 15 million placement units will have no material impact on
distributions paid to Hyprop unitholders for the period ending 31 December 2011.
Subject to market conditions being conducive, the remaining 15 million placement
units may be placed in the market during the period expiring 30 October 2011.
These units remain subject to Hyprop`s underwrite commitment in terms of which,
if the units are not placed at a placement price of at least R54.00, Hyprop may
elect to either make good the difference between the actual placement price of
the placement units and R54.00 and/or to repurchase the relevant units at R54.00
per unit.
Johannesburg
13 October 2011
Corporate advisor and legal advisor to Hyprop
Java Capital (Proprietary) Limited
Sponsor to Hyprop
Java Capital Trustees and Sponsors (Proprietary) Limited
Date: 13/10/2011 09:16:01 Produced by the JSE SENS Department.
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