| Thu 11 Mar 2004, 15:20 | | FINAL TERMS AND SALIENT DATES OF THE CLAWBACK |
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ARNOLD PROPERTY FUND LIMITED - FINAL TERMS AND SALIENT DATES OF THE CLAWBACK-
OFFER
ARNOLD PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 2001/011887/06)
Share Code: ARP ISIN Code: ZAE000031720
("A-Prop")
FINAL TERMS AND SALIENT DATES OF THE CLAWBACK-OFFER
1.Introduction
Linked unitholders are advised that the claw-back offer to A-Prop linked
unitholders (the "claw-back offer") has been finalised, and as a result of the
approval of the various regulators, become unconditional.
2.Final terms of the claw-back offer
A-Prop has raised R30 000 000 through the subscription by Redefine Income Fund
Limited and Spearhead Property Holdings Limited (collectively "the proposers"),
in the ratio of 70:30 respectively, for new A-Prop linked units ("new A-Prop
linked units") at 50 cents per A-Prop linked unit.
In terms of the claw-back offer, A-Prop linked unitholders or their renouncees
will have the right to "claw-back" the new A-Prop linked units from the
proposers, in the ratio of 34,86 new A-Prop linked units for every 100 held on
Friday, 26 March 2004, by acquiring their pro rata portion of the new A-Prop
linked units at 51,7 cents per A-Prop linked unit (the "subscription price").
The subscription price was calculated by applying JIBAR plus 0,5% from 25
November 2003 (being the date the R30 000 000 was advanced) to the closing date
of the claw-back offer, compounded monthly, to the 50 cents per A-Prop linked
unit.
By way of dematerialised letters of allocation, A-Prop linked unitholders may
accept, renounce, lapse or sell their rights to their pro rata entitlement of
the new A-Prop linked units.
A-Prop will pay the proposers a fee in order to compensate them for the time
value of money in respect of the period from 25 November 2003 to the closing
date of the claw back offer at JIBAR plus 0,5%. This fee is expected to amount
to R1 017 077.
Once the claw-back offer has closed, an amount equivalent to the subscription
price of those new A-Prop linked units subscribed and paid for by linked
unitholders (other than the proposers) or their renouncees under the claw-back
offer will be paid to A-Prop. The balance of the new A-Prop linked units not
subscribed and paid for by linked unitholders or their renouncees will be
allotted and issued to the proposers.
The new A-Prop linked units to be issued in terms of the claw-back offer, will
rank pari passu with the A-Prop linked units currently in issue.
3.Salient dates of the claw back offer
The salient dates in respect of the claw-back offer are reflected in the table
below:
Salient dates and times 2004
Last day to trade in AProp linked
units in order to participate in the
clawback offer Thursday, 18 March
Listing of letters of allocation on
the JSE Securities Exchange South
Africa ("JSE") Friday, 19 March
A-Prop linked units commence trading
ex-rights on the JSE Friday, 19 March
Record date for participation in the
claw-back offer Friday, 26 March
Claw-back offer opens at 09:00 on Monday, 29 March
Last day to trade letters of
allocation on the JSE Friday, 16 April
New A-Prop linked units listed and
trading therein on the JSE commences Monday, 19 April
Claw-back offer closes at 14:30 on Friday, 23 April
Record date for letters of allocation Friday, 23 April
New A-Prop linked units issued Monday, 26 April
Dematerialised linked unitholders" safe
custody accounts updated and accounts
debited by CSDP or broker, and
certificates posted to certificated
linked unitholders Monday, 26 April
Results of claw-back offer announced
on SENS Monday, 26 April
Results of the claw-back offer
announced in the press Wednesday, 28 April
Notes:
1.Dematerialised linked unitholders are required to inform their CSDP or broker
of their instructions in terms of the claw-back offer in the manner and time
stipulated in the agreement governing the relationship between the linked
unitholder and its CSDP or broker.
2.Linked unit certificates may not be dematerialised or rematerialised between
Friday, 19 March 2004 and Friday, 26 March 2004, both days inclusive.
4.Circular
The circular providing full details of the claw-back offer will be posted to A-
Prop linked unitholders on 29 March 2004. Letters of allocation (for
certificated linked unitholders only) will be sent by registered post to such
linked unitholders on the same day.
Sandton
11 March 2004
Corporate Advisor, Legal Advisor and Sponsor
Java Capital (Pty) Limited
Date: 11/03/2004 03:04:40 PM Produced by the JSE SENS Department
