| Thu 23 Jan 2014, 13:00 | | FAIRVEST PROPERTY HOLDINGS LIMITED - Acquisition not proceeding withdrawal of cautionary announcement |
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FVT 201401230024A
Acquisition not proceeding, withdrawal 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
(“the Company”)
ACQUISITION NOT PROCEEDING, WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
ACQUISITION NOT PROCEEDING
1. Linked unitholders are referred to the Company’s SENS announcement on
14 November 2013 (“Transaction Announcement”) regarding the conclusion
of an acquisition agreement (“Acquisition Agreement”) with Old Mutual
Life Assurance Company (South Africa) Limited (“Old Mutual”) for the
acquisition of certain retail properties by the Company from Old
Mutual (“Old Mutual Acquisition”).
2. As indicated in the Transaction Announcement, the Old Mutual
Acquisition is subject to the fulfilment of various conditions
precedent, including confirmation by the Company that it has completed
a due diligence investigation in connection with the acquisition
portfolio to its satisfaction (“Due Diligence CP”).
3. As indicated in the Company’s SENS announcement on 16 January 2014,
certain matters were identified by the Company during the due
diligence investigation as being potentially material to the Old
Mutual Acquisition. As a result, the Company did not confirm
fulfilment of the Due Diligence CP, resulting in the Acquisition
Agreement lapsing. At the time of the Company’s SENS announcement on
16 January 2014, the Company was still, as indicated in that
announcement, in discussions with Old Mutual regarding the possible
reinstatement of the Acquisition Agreement upon revised terms.
4. Linked unitholders are advised that the Company and Old Mutual have
been unable to agree on revised terms for the reinstatement of the
Acquisition Agreement and that the Company will therefore not be
proceeding with the Old Mutual Acquisition.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
5. Linked unitholders are referred to the cautionary announcement
contained in the Transaction Announcement, as renewed by the Company
in its subsequent announcements dated 24 December 2013 and 16 January
2014. Whereas the Company will not be proceeding with the Old Mutual
Acquisition, caution is no longer required to be exercised by linked
unitholders when dealing in the Company’s securities.
23 January 2014
Cape Town
Sponsor and Corporate Adviser: PSG Capital
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