| Fri 4 Oct 2002, 17:20 | | Richway Retail Properties Limited - Further Distri |
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RICHWAY RETAIL PROPERTIES LIMITED - FURTHER DISTRIBUTIION ANNOUNCEMENT
Richway Retail Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/003602/06)
(Share code: RHW ISIN:ZAE000005906)
("Richway" or "the company")
FURTHER DISTRIBUTION ANNOUNCEMENT
Linked unitholders are referred to the circular dated 21 November 2001 and
the announcements dated 20 November 2001, 15 February 2002 and 27 March 2002
relating to, inter alia, the proposed voluntary winding-up of Richway ("the
winding-up") and subsequent distributions to be made in anticipation of the
winding-up ("the liquidation distributions").
The process of winding down the company and finalisation of transactions has
taken significantly longer than the directors originally anticipated and
hoped for. This has resulted in the company acquiring a postponement for
the lodgement of the special resolution placing Richway in liquidation and
obtaining an extension from SARS for the finalisation of the liquidation in
order to obtain the relevant STC exemption.
Since the last announcement, the balance of the non-core assets have been
finally sold and we now only await a small number of transfers so that
payment can be affected. However, in the interim, the directors have
resolved that the company must distribute surplus cash recovered during the
winding-down process.
Linked unitholders are advised that the next distribution in anticipation of
liquidation will be made on Monday, 07 October 2002 and will be 20 cents per
linked unit.
* Important Dates
The third distribution in anticipation of liquidation is payable to all
Richway linked unitholders registered as such on the record date as
published in the announcement dated 15 February 2002 i.e. registered as such
on Friday, 01 March 2002. A summary of the key dates follows:
2002
Listing of Richway`s linked units suspended on the Monday, 25
JSE from the commencement of business on February
Record date to participate in the liquidation Friday, 1
distributions March
Payment in respect of the third cash distribution in Monday, 07
anticipation of the liquidation of Richway Oct
* Analysis of distributions
While the second and third distributions made in anticipation of liquidation
of 50 cents and 20 cents per linked unit respectively, were the distribution
of capital reserves, the first distribution made on 04 March 2002 is
analysed as follows:
Date Cpu R
First distribution made in anticipation 04-Mar- 5.13 342,705,814
of liquidation 02
Analysed as follows:
Repayment of debenture loans to linked 286,604,512
unit holders
Distribution of capital reserves 56,101,302
In summary:
Total distributions made to date 5.83 389,467,293
Repayment of debenture loans to linked 286,604,512
unit holders
Distribution of capital reserves 102,862,781
* Further Distributions and Announcements A further announcement will be
published in the press in due course to provide linked unitholders with
details of the final distribution.
4 OCTOBER 2002
Transfer Secretaries:
Ultra Registrars (Pty) Ltd, 11 Diagonal Street Johannesburg, 2001
P O Box 4844 Johannesburg, 2000. Tel (011) 370 5775
Date: 04/10/2002 05:15:00 PM Produced by the JSE SENS Department
