Primegro Properties Limited - Update On The Acquis
Properties
(Incorporated in the Republic of South Africa)
(Registration number 1998/018436/06)
Share Code: PMG ISIN Code: ZAE000022620
("Primegro" or "the company")
Update on the acquisition of the IPD Properties
Primegro linked unitholders are referred to the announcement dated 15
November 2001 regarding the acquisition by Primegro of the IPD Properties.
The announcement stated, inter alia, that 1 932 742 linked units were placed
on behalf of the IPD vendors with the directors of Primegro. In terms of the
IPD acquisition the number of linked units issued to the vendors is
calculated with reference to the volume weighted average price for the 30-
day period preceding the transfer date. The volume weighted average price
for the 30 day period preceding 27th November 2001 (the transfer date) has
been established as R6.92 per linked unit and only 1 731 647 linked units
will be required to be placed on behalf of the vendors with the directors of
Primegro. However the total of 1 932 742 linked units will still be issued
and placed with the directors of Primegro with the proceeds from the extra
201 095 linked units being utilised to reduce the bonds raised.
29 November 2001
Investment Bank and Sponsor Attorneys
Nedcor Investment Bank Corporate Finance Jowell Glyn & Marais
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