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FVT
FVT
FVT - Fairvest Property Holdings Limited - Update on Property Acquisitions and
the renewal of Cautionary Announcement
Fairvest Property Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1998/005011/06)
Linked unit code: FVT ISIN: ZAE000034658
("Fairvest" or "the Company")
UPDATE ON PROPERTY ACQUISITIONS AND THE RENEWAL OF CAUTIONARY ANNOUNCEMENT
A UPDATE ON PROPERTY ACQUISITIONS
Linked unitholders are referred to the announcement dated 13 April 2012,
whereby linked unitholders of the Company were advised that the Company had
entered into:
* an agreement with SA Retail Properties (Proprietary) Limited and SA
Corporate Real Estate Fund (a Collective Investment Scheme in Property
established in terms of the Collective Investment Schemes Control Act,
No 45 of 2002) (collectively "SA Corporate Real Estate") to acquire a
portfolio of retail and office properties, including the letting
enterprises to be conducted in respect of such properties ("the SA
Corporate Real Estate Property Portfolio");
* an agreement with Martycel Prop CC to acquire a retail and office
property, including the letting enterprise to be conducted in respect
of such property ("the Martycel Property"); and
* an agreement with Lodestone Investments (Proprietary) Limited to
acquire a retail property, including the letting enterprise to be
conducted in respect of such property ("the Lodestone Property").
Linked unitholders are advised of the following progress in relation to the
above mentioned acquisitions:
i) The SA Corporate Real Estate Property Portfolio -
Linked unitholders are hereby advised that Fairvest has been granted an
extension by SA Corporate Real Estate until 2 July 2012 for the
satisfactory completion of the due diligence investigation on the SA
Corporate Real Estate Property Portfolio.
ii) The Martycel Property -
Linked unitholders are hereby advised that the condition precedent relating
to the satisfactory completion of a due diligence investigation has not
been fulfilled. Accordingly, the Martycel Property will therefore not be
acquired by Fairvest and the Martycel Property acquisition agreement is of
no further force or effect on the Company.
iii) The Lodestone Property -
Linked unitholders are hereby advised that the condition precedent relating
to the satisfactory completion of a due diligence investigation has not
been fulfilled. Accordingly, the Lodestone Property will therefore not be
acquired by Fairvest and the Lodestone Property acquisition agreement is of
no further force or effect on the Company.
B RENEWAL OF CAUTIONARY ANNOUNCEMENT
Linked unitholders are referred to the cautionary announcement dated 13
April 2012 and are hereby advised to continue exercising caution when
dealing in the Company`s securities until a further announcement containing
the pro forma financial effects and the forecast financial information in
relation to the SA Corporate Real Estate Property Portfolio acquisition is
made.
30 May 2012
Cape Town
Sponsor and Corporate Advisor: PSG Capital
Transaction Advisor and Bookrunner: Java Capital
Date: 30/05/2012 16:48:01 Produced by the JSE SENS Department.
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