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Redefine Income Fund Limited - Cautionary Announcement Regarding An Offer To
Release Date: 05/02/2003 17:24:06 Code(s): RDF
REDEFINE INCOME FUND LIMITED - CAUTIONARY ANNOUNCEMENT REGARDING AN OFFER TO
ACQUIRE THE PROPERTY PORTFOLIO OF BONATLA PROPERTY HOLDINGS LIMITED ("BONATLA")
Redefine Income Fund Limited
(Registration No. 1999/018591/06)
Share Code: RDF
ISIN Code: ZAE000023503
("Redefine")
CAUTIONARY ANNOUNCEMENT REGARDING AN OFFER TO ACQUIRE THE PROPERTY PORTFOLIO OF
BONATLA PROPERTY HOLDINGS LIMITED ("BONATLA")
Corpcapital Corporate Finance is authorised to announce that Redefine has made a
written offer to acquire, with effect from 1 April 2003 (the "effective date"),
the entire property portfolio ("the portfolio") of Bonatla and its subsidiaries
for a purchase consideration which the board of directors of Bonatla ("Bonatla
Board") may elect to take either in Redefine linked units or cash as further
detailed below.
If the Bonatla Board elects to receive the purchase consideration in Redefine
linked units ("the linked unit alternative"), the purchase consideration will
amount to R 564 million as follows:
by the assumption of mortgage finance in place in respect of the portfolio as at
the effective date, in an amount not exceeding R 456 million; and
R108 million by the assumption of other liabilities as at the effective date in
an amount not exceeding R20 million and the remainder by issue of Redefine
linked units at the volume weighted average price of Redefine Linked units
during the 10 trading days prior to the effective date.
If the Bonatla Board elects to receive the purchase consideration in cash ("the
cash alternative"), the purchase consideration will amount to R 556 million as
follows:
by the assumption of mortgage finance in place in respect of the portfolio as at
the effective date, in an amount not exceeding R 456 million; and
by payment of R100 million in cash.
On the assumption of no more than 185 096 954 Bonatla shares being in issue and
in the absence of any further liabilities (including tax liabilities) of
Bonatla, the purchase consideration net of mortgage finance will equate to 58,35
cents per Bonatla share if the linked unit alternative is selected and 54,03
cents per Bonatla share if the cash alternative is selected. Bonatla`s closing
share price on Tuesday, 5 February 2003 was 40 cents per share.
The only conditions to the offer are:
receipt of requisite regulatory approvals;
receipt of approval of Bonatla shareholders;
receipt of the approval of Redefine linked unitholders;
a 10 day limited due diligence investigation.
Redefine currently owns 15 167 473 Bonatla shares.
If the offer is accepted, the resultant acquisition may have a material effect
on the price of Redefine`s linked units. Redefine linked unitholders are
accordingly advised to exercise caution in dealing in their linked units until a
further announcement is made.
5 February 2003
Rosebank
Corporate Advisor and Sponsor
Corpcapital Corporate Finance
(a sponsor registered with the JSE Securities Exchange South
Africa)
Date: 05/02/2003 05:24:00 PM Produced by the JSE SENS Department
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