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Cenprop - Announcement & Renewal of Cautionary Announcement
CENTRECITY PROPERTY FUND
("Cenprop")
Sharecode : CEN
ISIN : ZAE000001335
(A Unit Trust Scheme in property shares registered in terms of the Unit Trusts
Control Act, No. 54 of 1981
("the Act"))
Managed by
PROPERTY FUND MANAGERS LIMITED
(Registration No. 1980/009531/06)
("PFM")
FURTHER INFORMATION ANNOUNCEMENT TO CENPROP UNITHOLDERS ("UNITHOLDERS")
REGARDING INCREASED OFFER PRICES TO BE PAID BY ACUCAP PROPERTIES LIMITED
("ACUCAP"), UPDATE REGARDING OTHER TRANSACTIONS AND THE COURT CASE WITH CRADOCK
HEIGHTS (PROPRIETARY) LIMITED RELATING TO THE ROSEBANK MALL ("THE CRADOCK
HEIGHTS COURT CASE") AND RENEWAL OF CAUTIONARY
Further to the Cenprop announcements, the most recent announcement being that
published on SENS on 4 November 2002 and in the press on 5 November 2002, PFM
hereby advises unitholders as follows -
Acucap Offers
Acucap has notified PFM of amendments to the terms of its conditional offers for
Rosebank Mall and JHI House ("The Mall") and the entire Cenprop property
portfolio excluding Erf 205, Dunkeld West, Extension 2 ("Andersen Park"),
respectively, referred to in the Acucap announcement of 1 November 2002 and in
the Cenprop announcement referred to above.
The offer price for the Mall is to be increased from R345 million to
R350 million, 50% to be discharged in cash and the remainder in Acucap linked
units to be issued at R10 per linked unit ("Acucap units"), and the offer price
for the Cenprop property portfolio excluding Andersen Park is to be increased
from R395 million to R402 million, R188 million to be discharged in cash and
R214 million in Acucap units.
The effective date of the respective offers has been changed to 1 January 2003,
from which date recipients of Acucap linked units will participate in Acucap
distributions in respect of distribution periods from that date.
Momentum Property Investments (Proprietary) Limited ("Momentum") - Potential
offer
Momentum has indicated that it remains interested in The Mall and is
contemplating submitting a competitive offer for The Mall. Unitholders will be
informed should Momentum submit a further offer which PFM believes should be
drawn to the attention of unitholders.
Hyprop Investments Limited ("Hyprop") agreement
Unitholders are advised that an amendment to the Hyprop agreement referred to in
the Cenprop announcement of 5 November 2002 and in the Hyprop announcement of
the same date is in the process of being finalised.
Approval by Cenprop unitholders
Unitholders should note that they will only be in a position to consider and
approve any alternative offers should the existing binding but conditional
agreements with Hyprop in respect of The Mall and/or Capital Property Fund in
respect of 2 Long Street, Cape Town and Southway Mall, Durban not be approved by
the requisite majorities of unitholders at the general meeting to be convened
pursuant to these agreements.
Financial merits, further announcements and circular to unitholders
Unitholders are advised that the financial advisors appointed to advise
unitholders have been instructed to investigate the financial merits of the
various offers and to advise PFM accordingly. Unitholders will be kept informed
of developments in further announcements and the circular to unitholders which
it is to be issued during December 2002.
The Cradock Heights Court Case
Unitholders are notified that PFM has filed an application for leave to appeal
against the Order of Court granted in the Cradock Heights Court Case.
Further cautionary
Unitholders are accordingly advised to continue to exercise caution in dealing
with their units.
Johannesburg
14 November 2002
Corporate Law Advisers and Consultants Sponsor
EDWARD NATHAN & FRIEDLAND SASFIN BANK LIMITED
(PROPRIETARY) LIMITED
Date: 14/11/2002 05:45:17 PM Produced by the JSE SENS Department
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