Grayprop - Acquisition Of 19,877% Interest In West
ALLAN GRAY PROPERTY TRUST ("Grayprop")
Shortname: Grayprop
Share Code: GRY
ISIN: ZAE000013165
Acquisition of 19,877% interest in Westgate Shopping Centre
Grayprop will acquire Sasol Pension Fund's 19,877% undivided share in the
Westgate Shopping Centre with effect from 1 October 2001. The purchase
consideration of R141,2 million will be settled by the issue of 37 690 964
Grayprop units at R2,68 each and the payment of R40,2 million in cash on
transfer of the property. The cash portion will be financed by current cash
resources from available capital funds. The transaction is not expected to
have a material effect on the net asset value per Grayprop unit, and is
expected to have a positive but not material effect on earnings per unit.
Following the successful merger of Grayprop with Allan Gray Property
Investments Limited as announced on 18 September 2001 and this transaction,
Grayprop will own 41,3176% of the Westgate Shopping Centre.
Cape Town
20 September 2001
Allan Gray Property Trust Management Limited
(Reg No 1983/003324/06)
Sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
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