Primegro Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/016436/06)
("Primegro")
Announcement to linked unitholders
Nedcor Investment Bank Limited is authorised to announce the following:
1. RESULTS OF GENERAL MEETING
At the general meetings of Primegro shareholders and Class B debenture holders,
held on 26 March 2001, the resolutions authorising Primegro to issue shares for
cash by way of a general authority were approved by the requisite majorities.
2. FURTHER ACQUISITIONS AND LIFTING OF RESTRICTIONS
Primegro is in the course of finalising the acquisitions of two investment
properties, an office building on Corlett Drive, Melrose, let on a long lease
to Ernst & Young and an office building under construction in Longmeadow, let
on a long lease to the pharmaceutical company Merck.
Twelve-year leases have been signed in respect of both these properties.
Such acquisitions will add value and quality to Primegro's property portfolio,
enhancing its asset base and thereby facilitating the repayment by Primegro of
the balance of the A debentures on due date.
In the light of the substantial support which Primegro's linked units have
received on the JSE Securities Exchange South Africa, it has been decided to
remove, with immediate effect, the restrictions still in place on the sale of
linked units held by certain vendors of properties to Primegro. The directors
of Primegro are of the opinion that this should improve the liquidity of
Primegro linked units.
Johannesburg
3 April 2001
Investment Bank and Sponsor
Nedcor Investment Bank
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