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unitholders concerning the offers made by Acucap to Cenprop regarding the
acquisition of Cenprop properties
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
Notice to Centrecity Property Fund ("Cenprop") unitholders concerning the offers
made by Acucap to Cenprop regarding the acquisition of Cenprop properties.
1. INTRODUCTION
In terms of the circular issued by Cenprop on 10 February 2003 to its
unitholders, Cenprop has requested its unitholders to approve, inter alia,
the disposal of its property portfolio and the winding up the unit trust at
a general meeting of unitholders to be held on 5 March 2003 ("the Cenprop
circular").
As announced in the press by Acucap in a notice to Cenprop unitholders on
31 October 2002, and subsequently referred to by Cenprop in the Cenprop
circular, Acucap has made two offers for properties of Cenprop, through
Property Fund Managers Limited ("PFM"), the management company of Cenprop.
Acucap believes that the offers made by them have not been accurately
reflected in the Cenprop circular and therefore Acucap wishes to provide
Cenprop unitholders with details of its offers to enable Cenprop
unitholders to properly consider the alternatives available to their
Property Unit Trust, Cenprop regarding the offers for the Cenprop property
portfolio.
2. Acucap Offer for JHI House and the Mall of Rosebank
Acucap wishes to advise as follows regarding its offer for JHI House and
the Mall of Rosebank:
* in Acucap`s opinion, the offer has not lapsed as is stated by Cenprop
in the circular. The offer remains open until 30 April 2003; and
* the terms of the offer included a provision giving Acucap the right to
increase the cash component of its offer from 50% to 75%. Acucap has
exercised this right. Accordingly, the purchase consideration is
payable up to a maximum of 75% in cash and not 50% as stated in the
circular, with the balance payable in Acucap linked units.
In summary, Acucap has submitted an offer for these properties of
R350,000,000, which is valid and binding until 30 April 2003, with the
Cenprop unitholders having the option to elect receiving a maximum of 75%
of the purchase consideration in cash, with the balance payable in Acucap
linked units, to be issued at R10,00 per linked unit.
3. VOTING AND PROXIES
As the agreements for sale of the various properties within Cenprop are
conditional upon unitholder approval, Acucap encourages Cenprop unitholders
to require PFM to make all the various offers to Cenprop for its properties
available for unitholder consideration and voting.
27 February 2003
Investment Bank and Sponsor
Gensec Bank Limited
(Reg No 1996/004744/06)
Date: 27/02/2003 11:09:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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