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TRANSACTION
CBD PROPERTY FUND
Share code: CBD ISIN: ZAE000001293
("CBD")
PIONEER PROPERTY FUND
Share code: PNR ISIN: ZAE000005484
("Pioneer")
Management company of CBD and Pioneer:
SAGE PROPERTY TRUST MANAGERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1975/000613/06)
("SPTM")
INCOME DISTRIBUTIONS AND STATUS OF THE TRANSACTION
WITH PANGBOURNE PROPERTIES LIMITED
Distributions
The following distributions, being number 41 for CBD and number 47 for
Pioneer have been declared in respect of the income distribution period 1
October 2001 to 31 March 2002.
CBD Pioneer
Income distributions (cents per units) 18,60 15,44
Last day to trade cum distribution* 20 March 2002 20 March 2002
Commence trade ex distribution* 22 March 2002 22 March 2002
Record date* 28 March 2002 28 March 2002
Payment date* 2 April 2002 2 April 2002
*amended
Unit certificates may not be dematerialised or rematerialised between
Thursday, 14 March 2002 and Thursday, 28 March 2002, both days inclusive.
Status of the transaction with Pangbourne Properties Limited
("Pangbourne") and change of date for Court applications
The acquisition by Pangbourne of all the assets and liabilities of CBD and
Pioneer is still subject to the following suspensive conditions:
- The approval of the Competition Commission or the Competition Tribunal, as
the case may be; and
- the granting by the Court of the orders for the winding-up of the unit
portfolios of CBD and Pioneer in terms of Section 25(2) of the Unit Trusts
Control Act, 1981 ("the orders").
Unitholders are advised that as the approval of the relevant Competition
authority has not yet been received, the date for the hearing of the
applications to Court for the orders is intended to be Tuesday, 26 March
2002.
A further press announcement setting out dates for the implementation of the
Pangbourne transaction will be published once the last outstanding
conditions have been fulfilled.
Johannesburg
12 March 2002
Corporate advisers to CBD, Pioneer and SPTM
Grant Thornton Kessel Feinstein
Corporate Finance (Pty) Ltd
(Registration number 2000/002649/07)
Sponsor to CBD and Pioneer
ABSA CORPORATE AND MERCHANT BANK
Corporate Finance
(Registration number 1986/004794/06)
Attorneys to CBD, Pioneer and SPTM
Werksmans Incorporated
(Registration number 1990/007215/21)
Date: 13/03/2002 08:13:55 AM Produced by the JSE SENS Department
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