Resilient Property Income Fund Limited - Acquisiti
Resilient Property Income Fund Limited - Acquisition Of 25.66% Of The Issued
Linked Units Of Shops For Africa Limited ("Shops") And Cautionary Announcement
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/016851/06)
Share code: RES
ISIN no.: ZAE000043642
("Resilient")
ACQUISITION OF 25.66% OF THE ISSUED LINKED UNITS OF
SHOPS FOR AFRICA LIMITED ("SHOPS") AND CAUTIONARY ANNOUNCEMENT
Nedbank Corporate is authorised to announce that Resilient has entered into
agreements to acquire 16 909 702 Shops linked units, representing 25.66% of the
issued share capital of Shops, from subsidiaries of Nedbank Limited.
The Shops linked units will be acquired at a purchase price of 210 cents per
Shops linked unit with effect from Monday, 31 March 2003. The purchase
consideration will be discharged through the issue and allotment of 6 575 995
Resilient linked units, to be issued at an issue price of 540 cents per
Resilient linked unit. The Resilient linked units will rank pari passu with the
existing Resilient linked units in issue and will be listed on the JSE
Securities Exchange South Africa ("JSE") on or about 31 March 2003.
Resilient has acquired the Shops units as its board of directors is considering
making an offer to all other Shops linked unitholders at 210 cents per Shops
linked unit, to be settled by the issue of Resilient linked units at a price of
540 cents per Resilient linked unit ("the switch ratio").
While an offer, if made, will be at the switch ratio, the board of Resilient is
currently finalising the conditions which will be attached to it. A further
announcement in this regard will be made shortly.
In view of the above, which may have an impact on the price at which Resilient
linked units trade on the JSE, Resilient linked unitholders are advised to
exercise caution when trading in their linked units until a further announcement
is made.
Johannesburg
27 March 2003
Investment bank and sponsor
Nedbank Corporate
Corporate law advisers and consultants
Edward Nathan & Friedland (Pty) Ltd
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
