HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
("Hyprop" or "the company")
RESULTS OF THE GENERAL MEETING
Corpcapital Corporate Finance is authorised to announce that:
* at the general meeting of Hyprop shareholders held on Monday, 30 April 2001,
the Hyprop shareholders voted unanimously in favour of the resolutions to
ratify the sale agreement entered into between Hyprop, Kirchmann-Hurry
Properties Limited and Homeways (Pty) Limited dated 3 April 2001 ("the sale
agreement"), to ratify the first addendum to the management agreement between
Hyprop and Hyprop Management Company (Pty) Limited dated 3 April 2001, to adopt
a new memorandum and articles of association and grant the directors a general
authority for a subsidiary to buyback the company's shares subject to the
requirements of the JSE Securities Exchange South Africa ("the JSE") Listing
Requirements and the Companies Act; and
* at the general meeting of Hyprop debenture holders held on Monday, 30 April
2001, the Hyprop debenture holders voted unanimously in favour of the special
resolutions to ratify the sale agreement, to make amendments to the interest
distribution periods necessitated by the implementation of the sale agreement,
to ratify the adoption of a new memorandum and articles of association, to
increase the borrowing powers of the company from 20% to 50% of the directors
bona fide valuation of the properties and amend the principal debenture trust
deed concluded between the company and Edward Nathan & Friedland (Proprietary)
Limited, dated 25 January 1988, read with all its supplemental debenture trust
deeds in accordance with the draft addendum tabled at the general meeting.
All the conditions precedent to the acquisition have been fulfilled or waived
and the effective date of the acquisition will be at close of business on 30
April 2001. The property transfers are in the process of being completed.
The JSE has agreed to grant an additional listing in respect of 21 360 722
combined units comprising an ordinary share of 1 cent and a debenture with a
face value of 493 cents, which are expected to be listed on or about 16 July
2001.
Johannesburg
3 May 2001
Corporate advisor and sponsor
Corpcapital Corporate Finance
(a sponsor registered with the
JSE Securities Exchange South Africa)
Corporate law advisors & consultants
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
Reporting accountants
Grant Thornton Kessel Feinstein
Chartered Accountants (SA)
Accountants, Auditors & Business Advisers
Member firm of Grant Thornton International
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
