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Spearhead Property Holdings Limited - Acquisition Of Properties
Release Date: 20/04/2004 16:53:46 Code(s): SPE
Spearhead Property Holdings Limited - Acquisition Of Properties
Spearhead Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/005827/06)
Share code: SPE ISIN: ZAE000019162
("Spearhead" or "the company")
ACQUISITION OF PROPERTIES
.INTRODUCTION
Further to the cautionary announcement dated 23 March 2004, linked unit holders
are advised that Spearhead has entered into a number of separate agreements for
the acquisition of three properties ("the acquisitions"), details of which are
set out in paragraph 2 below.
2. DETAILS OF THE ACQUISITIONS
Purchase Effective
Property price (R"m) date Vendor
2.1 Knowledge Park 48.00 Transfer date Knowledge Park (Pty) Ltd
2.2 Roy Beamish Centre 12.50 Transfer date Roy Beamish (Pty) Ltd
2.3 Shoprite Checkers 12.75 Transfer date IFour Properties Three
Claremont (Pty) Ltd
3. CONSIDERATION FOR THE ACQUISITIONS
3.1 Knowledge Park
The consideration for the acquisition of Knowledge Park, being R48 million, will
be satisfied in cash, as to R35 million, with the balance being met by the issue
of 928 571 new Spearhead linked units, issued at R14.00 per linked unit ("the
issue price"). The issue price represents a 7.14% discount to the weighted
average traded price of Spearhead linked units on the JSE Securities Exchange
South Africa ("the JSE") over the 30 business days prior to 19 March 2004, being
the date on which the acquisition agreement was finalised.
The acquisition of Knowledge Park is subject to the fulfilment of the following
conditions precedent:
* written consent being received from Century City Property Owner"s Association
to the acquisition of the property by Spearhead;
* approval being granted by the JSE for the listing of the new Spearhead linked
units; and
* approval being granted by the Competition Authorities.
3.2 Roy Beamish Centre and Shoprite Checkers Claremont
All conditions precedent relating to the acquisition of the Roy Beamish Centre
and Shoprite Checkers Claremont have been fulfilled and the purchase
considerations will be settled in cash, making use of Spearhead"s available cash
resources and its borrowing facilities.
4. RATIONALE FOR THE ACQUISITIONS
In line with the company"s long-term objective to further enhance the quality of
the property portfolio and its tenant mix and diversity, Spearhead has embarked
on a policy of selectively acquiring additional properties.
5. FINANCIAL EFFECT OF THE ACQUISITIONS
The acquisitions will not have a significant effect on Spearhead"s earnings,
headline earnings, distribution, net asset value or net tangible asset value per
linked unit. However, in the medium and long term, the acquisitions are expected
to contribute to the quality of the company"s property portfolio, tenant mix and
growth in Spearhead"s earnings.
Cape Town
20th April 2004
Sponsor
Bridge Capital
www.spearheadprop.com
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