Redefine Income Fund Limited - Disposal Of Units In Capital Property Fund
Redefine Income Fund Limited
(Registration No. 1999/018591/06)
Share code: RDF ISIN code: ZAE000023503
("Redefine")
DISPOSAL OF UNITS IN CAPITAL PROPERTY FUND
Java Capital is authorised to announce that Redefine has concluded an agreement
(the "agreement") with Resilient Property Income Fund Limited ("Resilient") for
the disposal of its entire investment in Capital Property Fund (comprising
45 084 912 Capital units) (the "Capital units") for an aggregate price of
R101 441 052, 50% of which is payable in cash and 50% of which will be settled
by the issue of 7 245 789 units in Resilient. The effective date of the disposal
is 1 April 2004.
The purchase price payable in respect of the Capital units shall be settled on
the 5th business day after the agreement becomes unconditional, together with
interest on the cash portion at the rate of prime less 1,5%.
Condition precedent
The agreement is subject to the sale by Madison Property Fund Managers
(Proprietary) Limited to Resilient of 25% of the shares in Property Fund
Managers Limited (the manager of Capital Property Fund) becoming unconditional.
Rationale for the disposal
In keeping with Redefine"s strategy of ensuring that its listed securities
portfolio is dynamically managed, this opportunity enables Redefine to exit a
listed counter at a favourable yield and to receive in exchange, units in an
alternative counter which is more liquid, plus cash that will be utilised to
finance superior yielding acquisitions.
Financial Effects
The pro forma financial effects of the disposal on historical earnings, headline
earnings, net asset value and net tangible asset value per Redefine linked unit
are not material and have therefore not been disclosed.
Johannesburg
15 April 2004
Corporate and legal advisor
Java Capital (Proprietary) Limited
Sponsor
Java Capital (Proprietary) Limited
Date: 15/04/2004 05:00:02 PM Produced by the JSE SENS Department
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