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SHOPS FOR AFRICA - ANNOUNCEMENT
SHOPS FOR AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
Share code: SFA
ISIN code: ZAE000031241
("Shops for Africa" or "the company")
UNSOLICITED CONDITIONAL OFFER FOR THE SHOPS FOR AFRICA
PROPERTY PORTFOLIO;
TRADING STATEMENT; AND
UPDATE ON CAUTIONARY ANNOUNCEMENT
1. Unsolicited conditional offer for the Shops for Africa property portfolio
The board of directors of Shops for Africa ("the board") wish to inform unit-
holders that it has received an unsolicited conditional offer for the entire
property portfolio of the company, which offer expires today. The board
considered the offer but has rejected it on the basis that it does not represent
fair value to Shops for Africa unit-holders. Unit-holders will be kept informed
should there be any significant developments in this regard.
2. Trading statement
In terms of the new Listings Requirements of the JSE Securities Exchange South
Africa ("JSE"), listed companies are required to publish a trading statement as
soon as they become aware that the financial results for the period to be
reported on next will be materially different to that of the previous
corresponding period. The word "materially" is defined by the JSE Listings
Requirements as meaning a difference of between 10% and 30%.
Unit-holders are informed that, due to improved trading conditions and the
lowering of interest rates, the interim results and distribution per linked unit
of the company for the six month period to 31 October 2003 will be materially
higher than that of the previous corresponding period, being the six months to
31 October 2002. Furthermore, the board expects this trend to extend to the
full year ending 30 April 2004. In addition, the board expects that the net
asset value of the company, based on the fair value of assets as at 31 October
2003, will be reported as materially higher than that reported as at 30 April
2003.
The financial information on which this trading statement is based has not yet
been reviewed or reported on by the company"s auditors and unit-holders are
therefore advised to exercise caution in this regard when trading in the
company"s linked units until the company"s auditors have completed their report
on such financial information, at which time a further announcement will be
made.
3. Update on cautionary announcement
Unit-holders are referred to the cautionary announcement published on 25 August
2003 and are informed that the negotiations referred to in that announcement
relates to the acquisition of a substantial portfolio of retail properties. As
these negotiations are continuing, unit-holders are advised to continue to
exercise caution in this regard when dealing in their Shops for Africa linked
units until a further announcement is made.
Cape Town
3 October 2003
Sponsor
SASFIN CORPORATE FINANCE
A division of Sasfin Bank Limited
Date: 03/10/2003 01:02:08 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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