RDF - Redefine Properties Limited - Acquisition of Fountainhead Manco
RDF
RDF
RDF - Redefine Properties Limited - Acquisition of Fountainhead Manco
Redefine Properties Limited
(Registration No. 1999/018591/06)
Share Code: RDF ISIN Code: ZAE000143178
("Redefine")
ACQUISITION OF FOUNTAINHEAD MANCO
Unitholders are advised that Redefine has concluded an agreement with
Standard Bank Properties (Pty) Ltd and Liberty Holdings Limited to acquire
Fountainhead Property Trust Management Limited and Evening Star Trading 768
(Pty) Ltd (collectively "Fountainhead Manco") for an aggregate
consideration of R660 million.
The acquisition of Fountainhead Manco is conditional on all required
regulatory approvals, including approval of the Registrar of Collective
Investment Schemes, the Competition Authorities and the South African
Reserve Bank.
Subject to the acquisition of Fountainhead Manco, Redefine intends making
an offer to acquire all of the assets of Fountainhead Property Trust (the
"Fountainhead acquisition") in return for units in Redefine and Hyprop
Investments Limited (the "consideration units").
The Fountainhead acquisition will be conditional on a due diligence
investigation and all requisite board, trustee and Redefine and
Fountainhead unitholder approvals. At this stage, based on publicly
available information, Redefine envisages pricing the offer at a level
that, on the distribution of the consideration units, would result in a
Fountainhead unitholder receiving Hyprop and Redefine units with a value at
or about the current `clean` price at which Fountainhead units are trading.
30 March 2012
Corporate advisor, legal advisor and sponsor
Java Capital
Date: 30/03/2012 12:00:01 Produced by the JSE SENS Department.
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