Primegro Properties Limited - Results Of General M
Primegro Properties Limited
and its subsidiaries
(Incorporated in the Republic of South Africa)
(Registration number 1998/018436/06)
Share code PMG ISIN ZAE000022620
("Primegro")
Results Of General Meeting
Further to the circular to Primegro linked unitholders dated 19 November
2001, Nedcor Investment Bank is authorised to announce that at the general
meetings of Primegro shareholders, Class B debenture holders and Class A
debenture holders held on Tuesday, 11 December 2001:
- Primegro shareholders and Class B debenture holders, present at such
meetings or represented by proxy, unanimously passed the necessary ordinary
and special resolutions, approving:
- the acquisition by Primegro of the property portfolio of Richway
Retail Properties Limited ("Richway"); and
- the specific issue of shares for cash to certain financial
institutions. In this regard Primegro linked unitholders are advised that
the placement with BoE Limited's nominee was formally approved by its
relevant committee.
- Primegro Class A debenture holders, present at the said meeting or
represented by proxy, unanimously passed the necessary extraordinary
resolutions to ratify the increase in the authorised share capital of
Primegro on 31 July 2001 and sanction the possible specific repurchase.
Further to the audited results announcement dated 13 December 2001, at the
date of this announcement and after the financing of the three properties
purchased from the IPD Group and the draw-down of facilities to finance a
10% part-redemption of the "A" debentures, interest rates on approximately
74% of existing bonds financing the portfolio excluding Richway have been
fixed. In addition, Primegro has purchased an option to fix rates on R480
million of the funding for the Richway properties at favourable rates.
The Richway linked unitholders voted in favour of the disposal by Richway of
its property portfolio to Primegro at their general meeting held on 13
December 2001.
Johannesburg
19 December 2001
Investment Bank and Sponsor
Nedcor Investment Bank
Attorneys
Jowell, Glyn & Marais Inc
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