Fairvest Property Holdings Limited - The Withdrawa
Fairvest Property Holdings Limited - The Withdrawal Of The Offer To Bonatla
Property Holdings Limited ("Bonatla") And A Further Cautionary
Fairvest Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/005011/06)
Share code FVT IN ZAE000034658
("Fairvest" or "the Company")
ANNOUNCEMENT REGARDING:
THE WITHDRAWAL OF THE OFFER TO BONATLA PROPERTY HOLDINGS LIMITED ("BONATLA") and
A FURTHER CAUTIONARY
1. WITHDRAWAL OF THE OFFER TO BONATLA
It was announced on 24 January 2003 that Fairvest had delivered to the board of
directors of Bonatla a conditional offer for the entire portfolio of properties
held by Bonatla involving a purchase consideration of R157.3 million, the
assumption of up to R20 million of net current liabilities and the mortgage
bonds against the properties ("the offer").
The offer has now been withdrawn as Bonatla has decided to accept another offer,
as communicated to Bonatla shareholders in an undated announcement.
2. FURTHER CAUTIONARY
Shareholders were advised in the announcement of the company"s audited results
for the year to 30 September 2002, published on 27 March 2003, that the company
was in negotiations with another listed property company ("the negotiations").
The negotiations were expected to have a positive impact on earnings and may
enhance the price of the company"s linked units. The negotiations with the
other listed property company, as well as negotiations with an unlisted
investor, are still progressing. As the outcome of the negotiations may have an
impact on the price at which the company"s linked units trade, linked
unitholders are advised to continue to exercise caution when dealing in their
linked units.
Wierda Valley
2 May 2003
Sponsor
LPC Manhattan
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