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SHOPS FOR AFRICA LIMITED - AMENDMENT OF SALIENT DATES RELATING TO DISPOSAL OF
SHOPS FOR AFRICA PROPERTY PORTFOLIO
Shops for Africa Limited
(Incorporated in the Republic of South Africa)
(Company Registration Number 2000/018084/06)
JSE Share Code: SFA
ISIN Code: ZAE000031241
(`Shops for Africa` or `the Company`)
AMENDMENT OF SALIENT DATES RELATING TO DISPOSAL OF SHOPS FOR AFRICA PROPERTY
PORTFOLIO
Shops for Africa linked unit-hoIders (`unit-holders`) are referred to the
circular dated 19 February 2004 (`the circular`) wherein they were informed
that:
* the Company had entered into an agreement to dispose of its entire property
portfolio (`the portfolio`) to ApexHi Properties Limited (`ApexHi`), in
terms of section 228 of the Companies Act,1973 (Act 61 of 1973), as
amended(`the disposal`); and
* that the directors of Shops for Africa had resolved to distribute the
estimated net proceeds of the disposal, being ApexHi linked units, to unit-
holders in anticipation of the voluntary winding up of the company,
following which the company would be delisted from the JSE Securities
Exchange SA and voluntarily wound-up.
It was envisaged that the transfer of the portfolio into the name of ApexHi
would be effected by 1 April 2004 and therefore the trade in the Company`s
linked units on the JSE was suspended with effect from commencement of trade on
24 May 2004. Due to circumstances beyond the company`s control relating to,
inter alia, the obtaining of rates clearance certificates for the portfolio, the
date of transfer has been delayed and is now expected to take place during June.
As a result and in terms of the disposal agreement, Shops for Africa is not in a
position to effect the distribution of the net proceeds of the disposal to its
unit-holders on 1 June 2004. Unit-holders are therefore advised that the
distribution will be effected as follows:
Record Date Friday, 2 July 2004
ApexHi certificates in respect of
distribution linked units distributed to
certificated Shops for Africa unit-holders
on Monday, 4 July 2004
Accounts at the CSDP or broker will be
updated in respect of dematerialised Shops
for Africa unit-holders on Monday, 4 July 2004
Termination of listing of linked units on
the JSE on or about the Date of final liquidation
of the company
Unit-holders are therefore advised that they will not be able to settle any
trades in their entitlement to ApexHi linked units until the distribution is
made as set out above.
Cape Town
25 May 2004
Sponsor, Independent expert and Corporate Advisor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Portfolio Asset Manager
Catalyst Property Asset Managers (Pty) Ltd
Date: 25/05/2004 05:50:38 PM Produced by the JSE SENS Department
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