Change in Purchase Price for investment portfolio of Rand Leases
Redefine Income Fund Limited Rand Leases Properties Limited
(Registration No. 1999/018591/06) (Registration No. 1978/000870/06)
(a company incorporated in South (a company incorporated in South
Africa) Africa)
("Redefine") ("Rand Leases")
Share Code: RDF Share Code: RPR
ISIN: ZAE 000023503 ISIN: ZAE 000028254
Change in the purchase price for the acquisition of the investment property
portfolio of Rand Leases by Redefine
1. Introduction
Unitholders of Redefine and Rand Leases are referred to announcements dated
10 October 2002 in which it was announced that a written agreement had been
concluded (the "acquisition agreement") between Redefine and its wholly owned
subsidiary, Outward Investments (Proprietary) Limited ("Outward") and Rand
Leases in terms of which Redefine would acquire 27 property letting businesses
("the properties") from Rand Leases` investment property portfolio ("the
transaction").
Redefine and Rand Leases unitholders are notified that the purchase price of the
transaction has increased by R6,888,710 from R349,500,000 to R356,388,710 as
sections 5, 6, 7 and 8 of the sectional title on which the building known as
Waterview Corner (the "additional Waterview Corner sections"), which had
previously been excluded from the transaction, have now been included in the
properties to be acquired by Outward.
At the time of conclusion of the acquisition agreement it was envisaged that the
option holder would exercise an option to acquire the additional Waterview
Corner sections from Rand Leases. Such option has not been exercised by the
option holder. Outward has agreed to acquire the additional Waterview Corner
sections subject to the continued operation of the option in favour of the
option holder which is exercisable until 31 August 2003.
2. Financial effects
The acquisition of the additional Waterview Corner sections has no material
effect on the financial effects of Redefine and Rand Leases published in the
announcements dated 10 October 2002.
The new financial effects of Redefine and Rand Leases will be reflected in the
circulars, which will be distributed to the respective unitholders on or about
7 November 2002.
Johannesburg
4 November 2002
Sponsor and Corporate Independent
Advisor to Redefine Advisor to Rand Sponsor to Rand
Leases Leases
Corpcapital Corporate BoE Merchant Bank BoE Securities
Finance (Pty) Ltd
Date: 04/11/2002 05:05:01 PM Produced by the JSE SENS Department
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