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Resilient"s Interest in Shops for Africa Limited
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/016851/06)
Share code: RES
ISIN no.: ZAE000043642
("Resilient")
ANNOUNCEMENT RELATING TO THE INVESTMENT BY RESILIENT IN
SHOPS FOR AFRICA LIMITED ("SHOPS")
1. Introduction
Resilient linked unitholders are referred to the previous announcements made by
Resilient on 27 March and 16 April 2003 concerning:
* the acquisition by Resilient of 16 909 702 linked units in Shops ("the
initial acquisition"); and
* the requisition by Resilient of a general meeting of Shops linked unitholders
in terms of the Companies Act, 1973 to approve the appointment of Resilient
nominees to the Shops board.
2. Further acquisitions of Shops linked units
Over and above the initial acquisition, Resilient has in the past weeks
accumulated an additional 6 000 000 Shops linked units to bring its total
holding in Shops to 22 909 702 linked units. This holding represents 31,84% of
that company"s issued linked units (after the issue of Shops linked units for
the acquisition of Sammy Marks" Square Portions 2 and 3 but before linked units
are issued in part consideration of costs associated with the transaction as
announced on 22 May 2003) and was acquired on the market at a cash consideration
of 210 cents per Shops linked unit.
The reason for acquiring the stake was to unlock value over the long term by
reducing gearing levels and improving the management and quality of the property
portfolio.
3. Acceptance of unsolicited offer for Resilient"s total holding in Shops
The board of Resilient has subsequently received an unsolicited offer from
Redefine Income Fund Limited to acquire Resilient"s total holding in Shops at
230 cents per Shops linked unit, plus an anticipated final distribution of
approximately 16 cents per Shops linked unit resulting in total proceeds of
approximately 246 cents per Shops linked unit.
In the opinion of the board of Resilient the offer realises most of the value
that Resilient expected to unlock over the long term and, accordingly, the board
has decided to accept the offer.
As result of the above, Resilient has advised the Shops board that it no longer
seeks to appoint directors to that board.
4. Financial effects
Because of the relative size of the transaction and the capital nature of the
majority of profits realised, neither the acquisitions of the Shops linked
units, nor the subsequent disposal thereof, have a material affect on the net
asset value of Resilient nor the forecast yield of Resilient as set out in its
Prospectus dated 27 November 2002.
Johannesburg
29 May 2003
Investment bank and sponsor Corporate law advisers and consultants
Nedbank Corporate Edward Nathan & Friedland (Pty) Ltd
Date: 29/05/2003 12:18:47 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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