ALLAN GRAY PROPERTY TRUST
(a unit trust scheme in property shares registered in terms of the Unit
Trusts Control Act No. 54 of 1981)
("Grayprop")
ALLAN GRAY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/014347/06)
("Grayvest")
JOINT CAUTIONARY ANNOUNCEMENT
Standard Corporate and Merchant Bank is authorised to advise Grayprop
unitholders and Grayvest linked unitholders that Grayprop and Grayvest are
investigating a potential merger between Grayprop and Grayvest.
Accordingly, unitholders of Grayprop and linked unitholders of Grayvest are
advised to exercise caution when dealing in their units or linked units, as
the case may be, until a further announcement is made.
Cape Town
4 July 2000
Merchant bank and sponsor to Grayprop and Grayvest
SCMB
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
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