Prima / Corpcapital / Redefine - Acquisition of un
PRIMA PROPERTY TRUST CORPCAPITAL LIMITED REDEFINE INCOME FUND LIMITED
(Share code PRM (Registration No. (Registration No.
ISIN: ZAE000005641) 1983/011384/06) 999/018591/06)
managed by Prima (Share code CPA Share Code: RDF
Property Trust ISIN: ZAE000034260) ISIN Code: ZAE000023503
Managers Limited ("Corpcapital") ("Redefine")
(Registration No.
1969/011594/06)
("Prima")
Acquisition of units in Prima, change of shareholding in Prima Property Trust
Managers Limited ("PPTM") and cautionary announcement
Prima unitholders are advised that:
* Corpcapital"s Property Division ("Corpcapital Property Division") has acquired
23 536 175 Prima units for an aggregate purchase consideration of R20 005 749;
* Redefine has concluded a put and call option agreement which, if exercised,
will result in Redefine acquiring 88 235 294 Prima units for R75 000 000; and
* Corpcapital Property Division has concluded an agreement ("the PPTM
agreement") to acquire 90% of the issued share capital of, and shareholders
claims against, PPTM, Prima"s property managers and is in negotiations to
acquire the remaining 10%.
The PPTM agreements are conditional upon the receipt, by 30 June 2003, of all
necessary regulatory approvals including, to the extent necessary, the approval
of the JSE Securities Exchange South Africa, the Financial Services Board and
the Competition Authorities.
Corpcapital Property Division intends transforming Prima into a focused, highly
liquid property fund, which will be significantly larger than the existing fund.
Further details will be published in due course and Prima unitholders are
advised to exercise caution in their dealing in Prima units until such time as a
further announcement is made.
Johannesburg
14 April 2003
Corporate adviser and joint sponsor Corporate adviser and sponsor to Redefine
to Corpcapital Java Capital
Java Capital
Sponsor to Prima Lead sponsor to Corpcapital
Deloitte & Touche Sponsor Services PricewaterhouseCoopers
(Pty) Limited
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