FAIRVEST PROPERTY HOLDINGS LIMITED - OFFER TO BONA
FAIRVEST PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/005011/06: JSE code: FVT: ISIN: ZAE000034658)
("Fairvest" or "the company")
OFFER TO BONATLA PROPERTY HOLDINGS LIMITED AND RENEWED CAUTIONARY ANNOUNCEMENT
LPC Manhattan Sponsors (Pty) Ltd is authorised to announce that, further to the
cautionary announcement dated 22 November 2002 in which linked unit holders were
informed that Fairvest was considering an offer to shareholders in Bonatla
Property Holdings Limited ("Bonatla"), Fairvest has delivered to the board of
directors of Bonatla an offer for the entire portfolio of properties held by
Bonatla.
The offer, which is subject to certain conditions precedent including the
approval of both sets of boards and shareholders and the relevant regulatory
authorities and a limited due diligence, involves a purchase consideration of
R157.3 million to be satisfied by the issue of 157.3 million new linked units in
the capital of Fairvest. In addition, Fairvest will assume liability for up to
R20 million of net current liabilities and the mortgage bonds against the
properties. The effective date of the acquisition will be 1 April 2003.
Linked unit holders in Fairvest are advised to continue to exercise caution when
dealing in their linked units until a further announcement concerning the offer
is made.
Wierda Valley
24 January 2003
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
Date: 24/01/2003 12:03:00 PM Produced by the JSE SENS Department
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