ApexHi - Cautionary Announcement Regarding An Offe
ApexHi Properties Limited
(Registration No. 1999/000238/06)
Share Code: APA ISIN Code: ZAE000033064
Share Code: APB ISIN Code: ZAE000033072
("ApexHi")
CAUTIONARY ANNOUNCEMENT REGARDING AN OFFER TO ACQUIRE THE PORTFOLIO OF FAIRVEST
PROPERTY HOLDINGS LIMITED ("FAIRVEST")
Corpcapital Corporate Finance is authorised to announce that ApexHi has made a
written offer to acquire, with effect from 1 April 2003, the entire property
portfolio and listed units in Bonatla Property Holdings Limited ("the
portfolio") held by the Fairvest group for an aggregate purchase consideration
of:
- the value of the mortgage finance in place in respect of the portfolio as at
the date on which the properties are transferred to ApexHi, in an amount not
exceeding R168 million; and
- R75,320,875 million, by the issue of ApexHi "A" linked units and ApexHi "B"
linked units at a combined issue price of R12,95, being the current combined
trading price,
so that the maximum aggregate purchase consideration will not exceed
R243,320,875.
On the assumption of no more than 115,878,270 Fairvest linked units in issue,
the purchase consideration net of mortgage finance will equate to 65 cents per
Fairvest linked unit. Fairvest`s closing linked unit price on Wednesday,
5 February 2003 was 55 cents per linked unit.
The offer is subject to various conditions precedent.
If the offer is accepted, the resultant acquisition may have a material effect
on the price of ApexHi`s linked units. ApexHi linked unitholders are accordingly
advised to exercise caution in dealing in their linked units until a further
announcement is made.
6 February 2003
Rosebank
Corporate Advisor and Sponsor Legal Advisor
Logo - Logo -
Corpcapital Corporate Finance Corpcapital Transaction
(a sponsor registered with the Support
JSE Securities Exchange South
Africa)
Date: 06/02/2003 10:01:34 AM Produced by the JSE SENS Department
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