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REDEFINE INCOME FUND LIMITED - DISPOSAL OF PROPERTY LETTING BUSINESSES
REDEFINE INCOME FUND LIMITED
(Registration No. 1999/018591/06)
Share Code: RDF
ISIN Code: ZAE000023503
(`Redefine`)
DISPOSAL OF PROPERTY LETTING BUSINESSES
1. Introduction
Java Capital is authorised to announce that Redefine, through its wholly-owned
subsidiary, Outward Investments (Pty) Limited (`Redefine`), which owns a
portfolio of commercial properties covering the retail, office and industrial
sectors and a portfolio of listed securities focused exclusively on the real
estate sector of the JSE Securities Exchange South Africa (`JSE`), has concluded
agreements for the disposal of the property letting businesses (the
`properties`) conducted in respect of the buildings known as Parking on Pepper,
Rodene Studios, The Chambers and Bromgood Studios (collectively, the
`disposals`). The effective date of the disposals will be the transfer date in
question.
2. The disposals
The terms of the disposals are set out below:
2.1. Redefine will dispose of the property known as Parking on Pepper to
Combined Projects (Pty) Limited, for a purchase price of R15 million; and
2.2. Redefine will dispose of the properties known as Rodene Studios, The
Chambers and Bromgood Studios to Xtraprops 66 (Pty) Limited, for an aggregate
purchase price of R20 million.
The purchase prices payable in respect of each of the disposals will be settled
entirely in cash on the transfer date in question. The cash will be utilised to
reduce debt and for future acquisitions.
Rationale
The disposals are in line with Redefine`s stated strategy of disposing of
property letting businesses with values below its investment threshold.
Related party transactions
The disposals are regarded by the JSE as small related party transactions.
Fisher Hoffman PKF (Jhb) Inc., who were appointed as independent expert to
determine whether the terms of each of the disposals are fair and reasonable to
Redefine unitholders, have concluded that the disposals are both fair and
reasonable. A copy of their report will be available for inspection at the
offices of Redefine, 2 Arnold Road, Rosebank until 2 July 2004.
Financial information
The aggregate current carrying value of the properties in the financial
statements of Redefine is R30,77 million.
The effects of the disposal on the historical earnings, headline earnings, net
asset value and net tangible asset value per Redefine linked unit are
immaterial.
Rosebank
4 June 2004
Corporate and legal advisor
Java Capital (Pty) Limited
Sponsor
Java Capital (Pty) Limited
Independent expert
Fisher Hoffman PKF (Jhb) Inc.
Date: 04/06/2004 04:26:56 PM Produced by the JSE SENS Department
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