iFOUR PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
JSE code: IFR ISIN: ZAE000039236
(Registration number 2001/016118/06)
("iFour" or "the Company")
Disposal of property in Greenpoint, Cape Town for R46 million and cautionary
announcement.
Introduction
Shareholders are advised that an agreement has been concluded between iFour
Properties S.A. (Proprietary) Limited ("iFour Properties") a wholly owned
subsidiary of iFour, and Faircape Property Developers CC ("Faircape"), in terms
of which iFour Properties sold the remainder of Erf 1732 Greenpoint, Cape Town,
together with all improvements thereon, fixtures and fittings of a permanent
nature and the income earning rental enterprise ("the property"), as a going
concern, for a cash consideration of R46 million ("the consideration").
Terms of the sale
A deposit of R 500 000 in cash is immediately payable pending registration of
transfer. The balance is payable in cash against registration of transfer.
Financial effects
The profit on disposal amounted to R5.6 million. The table below sets out the
financial effects of the disposal, based on the published unaudited interim
results of iFour for the six months ended 31 December 2002.
Before After %
(cents) (cents) Change
Earnings per linked unit 40 49 23
Net asset value per linked 480 489 2
unit
In determining the financial effects, the following assumptions have been made:
The earnings figures in the after column assume the disposal was effected on 1
July 2002 when calculating the effect on earnings per linked unit;
Interest received on the consideration was earned at 13% (before taxation) per
annum; and
The net asset value figure in the after column assumes the disposal was effected
on 31 December 2002.
Cautionary announcement
Linked unitholders are advised that the Company has entered into negotiations,
which if successfully concluded may have a material effect on the price of the
Company"s securities. Accordingly, linked unitholders are advised to exercise
caution when dealing in the Company"s securities until a further announcement is
made.
7 April 2003
Johannesburg
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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