Pangbourne Properties Limited
("Pangbourne")
(Incorporated in the Republic of South Africa)
(Registration number 1987/002352/06)
Share code : PAP
ISIN : ZAE 000005252
ACQUISITION OF A PROPERTY PORTFOLIO
1. INTRODUCTION
The directors of Pangbourne are pleased to announce the acquisition by
Pangbourne of a portfolio of industrial properties in the greater Durban area
("the acquisition"). The acquisition is a further step towards Pangbourne"s
stated objective of increasing its investment in KwaZulu Natal.
2. DETAILS OF THE ACQUISITION
Pangbourne has agreed to acquire eleven properties from subsidiary companies of
Congella Federation Limited for an aggregate cash consideration of R88.295
million ("the consideration"). The portfolio consists of nine fully-let
industrial buildings and two stands of vacant industrial land.
The consideration is to be settled in cash on transfer of the properties to
Pangbourne and will be funded from unutilised bank facilities. Pangbourne"s
overall borrowings will remain less than 40% of income-producing assets
following the conclusion of the acquisition.
3. CONDITIONS PRECEDENT TO THE ACQUISITION
The acquisition is subject to the approval of both the Competition Commission
and the shareholders of Congella Federation Limited.
4. FINANCIAL EFFECTS
The pro forma financial effects of the acquisition on the earnings, headline
earnings and net asset value and tangible net asset value per Pangbourne
combined unit are not material.
Johannesburg
29 April 2003
Merchant Bank and Sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
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