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Hyprop - Announcement
HYPROP INVESTMENTS LIMITED
(Registration No.1987/005284/06)
("Hyprop")
Share Code: HYP
ISIN: ZAE00003430
INCREASE IN THE PRICE PAYABLE FOR THE
ACQUISITION OF THE ROSEBANK MALL AND JHI HOUSE AND
FURTHER CAUTIONARY ANNOUNCEMENT
1. Increase in acquisition price
As announced in the press on 9 August 2002, Hyprop and The Rosebank Mall (Pty)
Limited, a subsidiary of Centrecity Property Fund ("Cenprop"), have entered into
a written agreement in terms of which Hyprop acquires the property letting
enterprises in respect of the Rosebank Mall and JHI House ("the acquisition"),
subject to fulfilment of certain conditions precedent.
Hyprop has given written notice of the exercise of its right to increase the
price, in terms of the agreement. The effect of the notice is that the price
payable by Hyprop has been increased to R320 million, inclusive of all capital
expenditure in respect the refurbishment of the Rosebank Mall. The price at
which the Hyprop combined units will be issued remains at R10,25, as more fully
described below.
2. Proposed amendments to the terms and conditions of the acquisition
Hyprop has proposed that the terms and conditions of the acquisition be amended
in certain respects. The material amendments proposed are that:
- the effective date of the acquisition has been changed from 1 October 2002 to
1 January 2003, the later date being more practicable in light of the delay
since the agreement was concluded. The new effective date accords with the
financial year ends of Hyprop and Cenprop, with the result that the acquisition
would not affect income distributions to Hyprop combined unitholders and Cenprop
unitholders for the full year ending 31 December 2002;
- Cenprop unitholders, who may on the present terms elect to receive up to 50%
of their proportionate share of the acquisition price in cash with the balance
payable in Hyprop combined units, be entitled to elect to receive up to 100% of
the acquisition price in cash or 100% in Hyprop combined units or a combination
of both cash and Hyprop combined units. It is proposed that the issue price of
the Hyprop combined units constituting part of the acquisition price remain
fixed at R10,25 per combined unit, notwithstanding that the closing trading
price of these combined units on the trading date immediately prior to the date
of this announcement is R10,60; and
- Cenprop commits to an agreed timetable for implementation of the acquisition,
including a date on which the acquisition and related matters are proposed to
Cenprop unitholders for approval.
3. Irrevocable undertakings and Competition Commission approval
Hyprop has procured irrevocable undertakings from 55% of Hyprop combined
unitholders to vote their shares and debentures at the Hyprop general meetings
of shareholders and debenture holders in favour of all resolutions necessary or
incidental to approve and implement the acquisition.
The Competition Commission has granted unconditional approval to the
acquisition.
4. Further cautionary announcement
Hyprop combined unitholders are advised to continue to exercise caution when
dealing in their combined units until a further announcement is made.
Johannesburg
4 November 2002
Corporate Advisor and Sponsor Transaction Support
to Hyprop Corpcapital Corporate Finance
Corpcapital Corporate Finance
Date: 04/11/2002 05:23:00 PM Produced by the JSE SENS Department
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