Paraprop - Results Of General Meeting And Transfer
Paramount Property Fund Limited
(formerly Ovbel Holdings Limited)
(Registration number 1945/019928/06)
("Paraprop" or the "Company")
ANNOUNCEMENT REGARDING THE RESULTS OF GENERAL MEETING AND TRANSFER OF SECTOR
1. Results of the general meeting
All resolutions proposed at the general meeting regarding the:
* cancellation of the authorised preference share capital;
* consolidation of the authorised issued share capital of the Company;
* increase in the authorised share capital of the Company;
* adoption of new articles of association;
* issue of variable rate unsecured A debentures to existing shareholders
through the reduction in the share premium account;
* change of name of the Company to Paramount Property Fund Limited;
* general authority to the Company to repurchase its own securities;
* acquisition of the property portfolio;
* reconstitution of the board of directors; and
* issue of linked units to the promoters
were passed by the requisite majority of Company shareholders present or
represented at the general meeting. The special resolutions required to
implement the proposals will be lodged with the Registrar of Companies for
registration today.
2. Conversion terms of the class B compulsorily convertible debentures ("B
debentures")
Shareholders are referred to paragraph 8.1 of Annexure 11 of the circular to
shareholders and to paragraph 8.1 of Annexure VII of the revised listing
particulars both dated 8 February 2001, relating to the conversion terms of the
B debentures. The B debentures shall compulsorily convert into linked units in
five equal tranches on 2 January of each year and not 1 November as indicated.
3. Transfer of sector
The JSE Securities Exchange South Africa ("the JSE") has approved the transfer
of the Company's listing from the "Real Estate - Property" sector to the "Real
Estate - Property Loan Stock" sector of the Lists from Monday, 12 March 2001.
4. Surrender of share certificates
Shareholders are reminded that it is necessary to surrender their existing
ordinary share certificates. Forms to facilitate the surrender of existing
ordinary share certificates were included with the circular to shareholders
dated 8 February 2001 and further surrender forms will be posted to
shareholders today together with a copy of this announcement. Shareholders are
reminded that the existing ordinary share certificates will no longer be good
for delivery in respect of transactions effected subsequent to the close of
business on the JSE on Friday, 9 March 2001.
Trading in linked units will commence on Monday, 12 March 2001.
Rondebosch
5 March 2001
Corporate adviser and sponsor
Barnard Jacobs Mellet
Corporate Finance
Attorneys
Cliffe Dekker Fuller Moore Inc
(Registration number 1998/018173/21)
Property Managers
Spire
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