| Fri 25 Apr 2003, 15:55 | | Centrecity Property Fund - Initial Distribution, W |
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Centrecity Property Fund - Initial Distribution, Winding Up Of Cenprop And
Potential Final Winding Up Distribution
Centrecity Property Fund
("Cenprop")
Share Code: CEN
ISIN No: ZAE000001335
(Unit Trust Fund in terms of the Collective Investment Schemes Control Act, No
45 of 2002)
Managed by Property Fund Managers Limited
(Registration No. 1980/009531/06) ("PFM")
INITIAL DISTRIBUTION, WINDING UP OF CENPROP AND POTENTIAL FINAL WINDING UP
DISTRIBUTION
Introduction
Java Capital, Edward Nathan & Friedland (Pty) Limited and Sasfin Bank Limited,
pursuant to the last of the Cenprop properties having been transferred to their
respective purchasers, are authorised to announce the details of:
* the initial distribution to Cenprop unitholders ("the initial distribution");
and
* the winding up of Cenprop and its underlying subsidiaries ("the winding up")
and a potential final winding up distribution ("the final winding up
distribution").
The initial distribution
In consideration for the disposal by Cenprop of its properties, Cenprop received
a combination of Hyprop Investments Limited ("Hyprop") combined units, Capital
Property Fund ("Capital") units and cash. The number of Hyprop combined units
received was a function of an election made by Cenprop unitholders to receive
cash or Hyprop combined units or both in consideration for the disposal of the
Rosebank Mall and JHI House.
In terms of the initial distribution:
* Cenprop unitholders who elected to receive Hyprop combined units will receive
15,48517 Hyprop combined units together with 23,10698 Capital units for every
100 Cenprop units held. Based on the current Hyprop combined unit price of 1130
cents and the current Capital unit price of 200 cents, this equates to an
effective initial distribution of 221,20 cents per Cenprop unit;
* Cenprop unitholders who elected to receive cash instead of Hyprop combined
units will receive 164,46 cents in cash together with 23,10698 Capital units for
every 100 Cenprop units held. Based on the current Capital unit price of 200
cents, this equates to an effective initial distribution of 210,68 cents per
Cenprop unit.
The winding up and final winding up distribution
The initial distribution will be effected in partial implementation of the
winding up of Cenprop. After effecting the initial distribution and settling all
of Cenprop"s liabilities, any remaining cash will be distributed to Cenprop
unitholders, recorded in the register of unitholders on the record date for the
initial distribution, by way of a final winding up distribution.
In addition to the amounts retained to settle Cenprop"s liabilities, in terms of
the disposal agreement between The Rosebank Mall (Pty) Limited and Hyprop ("the
disposal agreement"), PFM has retained R 10 million ("the retained amount") to
meet any obligations arising out of the disposal agreement.
In the event that the retained amount is not utilised to meet any obligations, a
final distribution of approximately 6 cents per Cenprop unit will be made to
Cenprop unitholders, recorded in the register of unitholders on the record date
for the initial distribution.
Termination of the listing
The listing of Cenprop will be terminated after the payment of the final winding
up distribution.
The suspension of Cenprop"s listing will remain in effect until it is
terminated.
Salient dates
The salient dates and times relating to the initial distribution are set out in
the table below:
2003
Last day to trade - cum the Friday, 9 May
initial distribution
Listing of the Hyprop combined Monday, 12 May
units
Listing of the Capital units Monday, 12 May
Record date for the initial Friday, 16 May
distribution
Payment and issue date of the
initial distribution Monday, 19 May
Notes:
These dates and times are subject to change. Any such change will be published
on SENS and in the press.
Share certificates may not be dematerialised after Friday, 9 May 2003.
Johannesburg
25 April 2003
Transaction Support Corporate law
to Cenprop advisers and Sponsor to Cenprop
Java Capital consultants to Sasfin Bank Limited
Cenprop
Edward Nathan &
Friedland (Pty) Ltd
Trustee to Cenprop
ABSA Bank Limited
