| Thu 6 Mar 2003, 12:41 | | Hyprop/Cenprop/Capital - Results of General Meetin |
|
CEN CPL HYP
Hyprop Investments Centrecity Property Capital Property
Limited Fund Fund
(Registration No. ("Cenprop") ("Capital")
1987/005284/06) Share Code: CEN Share Code: CPL
("Hyprop") ISIN No: ISIN No:
Share Code: HYP ZAE000001335 ZAE000001731
ISIN No: ZAE000003430
(Unit trust funds established in terms
of the Unit Trusts Control Act, No 54
of 1981 ("the Act"))
Managed by Property Fund Managers
Limited
(Registration No. 1980/009531/06)
("PFM")
RESULTS OF THE GENERAL MEETINGS OF HYPROP, CENPROP AND CAPITAL HELD ON
WEDNESDAY, 5 MARCH 2003
Corpcapital Corporate Finance, Edward Nathan & Friedland (Pty) Ltd and Sasfin
Bank Limited are authorised to announce the results of the general meetings of
unitholders of Cenprop and Capital and combined unitholders of Hyprop, all held
on Wednesday, 5 March 2003, convened in terms of the notices of meetings
contained in the respective Cenprop, Capital and Hyprop circulars issued on 10
February 2003.
The Cenprop meeting
Unitholders representing 75% of Cenprop units in issue attended the meeting (in
person or by proxy). Of the unitholders present (in person or by proxy) and
entitled to vote thereat, the following results were achieved:
* 99,9% voted in favour of the special resolution authorising PFM to apply to
the High Court for the winding-up of the unit portfolio of Cenprop;
* 90,6% voted in favour of ratification of the agreement for the disposal of the
Rosebank Mall and JHI House to Hyprop (the "Rosebank Mall agreement"); and
* 99,95% voted in favour of ratification of the agreements for the disposal of 2
Long Street and Southway Mall to Capital (the "Long Street and Southway Mall
agreements").
The results of the meeting will be used in support of the High Court application
referred to below.
The Hyprop meetings
Shareholders representing 84,34% of Hyprop shares in issue attended the
shareholders meeting (in person or by proxy). Debenture holders representing
76,48% of the debentures in issue attended the meeting of debenture holders (in
person or by proxy).
Hyprop shareholders and debenture holders present (in person or by proxy) and
entitled to vote thereat, voted unanimously in favour of ratification of the
Rosebank Mall agreement.
The Capital meeting
Unitholders representing 95% of the Capital units in issue attended the meeting
of unitholders (in person or by proxy) and unanimously voted in favour of the
ratification of the Long Street and the Southway Mall agreements.
Conditions precedent
The Rosebank Mall agreement and the Long Street and Southway Mall agreements are
subject to the condition precedent that an order for the winding-up of the
entire unit portfolio of Cenprop is granted by the High Court. The application
will be brought on or about Tuesday, 18 March 2003 in the Witwatersrand Local
Division of the High Court. If the order is granted, the immovable properties
comprising the Rosebank Mall and JHI House and 2 Long Street and Southway Mall
will be transferred to Hyprop and Capital respectively.
The election
Cenprop unitholders are reminded that in terms of the Rosebank Mall agreement,
they are entitled to elect whether they wish to receive Hyprop combined units
(to be issued at R10,25 per Hyprop combined unit) or cash, or a combination
thereof. Election circulars have been posted to Cenprop unitholders. For
certificated unitholders, the election forms should be returned to the transfer
secretaries by no later than 15:00 on Wednesday, 19 March 2003. Dematerialised
unitholders must advise their CSDP or broker, as the case
may be, should they wish to elect to receive cash. This must be effected in
terms of the agreement entered into with their CSDP or broker and must be
submitted in the manner and time stipulated in such agreement. The last date to
trade in respect of the election will be Wednesday, 12 March 2003 and the record
date will be Wednesday, 19 March 2003.
If Cenprop unitholders fail to make an election, they will receive Hyprop
combined units.
Suspension of listing
The JSE Securities Exchange South Africa ("JSE") has ruled that the listing of
Cenprop units on the JSE will be suspended with effect from commencement of
trade on Thursday, 13 March 2003.
Further results and salient dates
The results of the winding-up application and the salient dates for the
distribution/s and the listing of the Hyprop and Capital units will be published
on SENS and in the press in due course.
Johannesburg
6 March 2003
Corporate advisors Sponsor to Hyprop Transaction Support
and legal advisors Corpcapital to Cenprop
to Hyprop and Corporate Finance Corpcapital
Capital Corporate Finance
Corpcapital
Corporate Finance
Corporate law Sponsor to Cenprop Trustee to Cenprop
advisors and and Capital and Capital
consultants to Sasfin Bank Limited ABSA Bank Limited
Cenprop
ENF (Pty) Ltd
Date: 06/03/2003 05:08:37 PM Produced by the JSE SENS Department
