| Fri 11 Jun 2004, 11:46 | | Capital Property Fund - Company Announcement |
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Capital Property Fund - Company Announcement
Capital Property Fund
(`Capital`)
Share Code: CPL
ISIN: ZAE000001731
(A Portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property established in terms of the Collective Investment Schemes Control Act,
No 45 of 2002 (`the Act`))
Managed by Property Fund Managers Limited (`PFM`)
(Registration No. 1980/009531/06)
RESTRUCTURE OF PFM INCLUDING THE INTRODUCTION OF MCI PROPERTIES (PTY) LIMITED,
RECONSTITUTION OF THE BOARD, APPOINTMENT OF JAVA CAPITAL AS SPONSOR AND RENEWAL
OF CAUTIONARY ANNOUNCEMENT
RESTRUCTURE
Java Capital is authorised to announce that the shareholders of PFM, the
management company of Capital, have concluded a series of agreements which have
resulted in:
- MCI Properties (Pty) Limited (`MCI Properties`), a wholly-owned subsidiary of
Millenium Consolidated Investments (Pty) Limited (`MCI`), acquiring an effective
50,4% interest in PFM; and
- the balance of the equity in PFM being held by Old Mutual Life Assurance
Company (South Africa), through Old Mutual Properties (Pty) Limited (which has
an effective 19,6% interest in PFM) and Resilient Property Income Fund Limited
(`Resilient`), through its wholly-owned subsidiary, Resilient Capital (Pty)
Limited (which has a 30% interest in PFM).
RECONSTITUTION OF THE BOARD
Following the restructure, the board has been reconstituted with immediate
effect as follows:
-Cyril Ramaphosa, Chairman of MCI, has been appointed as non-executive Chairman
to the board;
-Thando Sishuba (Managing Director of MCI Properties) and Modise Gabotlhaelwe,
also of MCI Properties, have been appointed as executive directors;
-Barry Stuhler, of Resilient, appointed as a non-executive director of PFM on 1
May 2004, has been appointed as Managing Director;
-Craig Hallowes has been appointed as an independent executive director;
-Charles Ryan has resigned from the board, but has been appointed as an
alternate director;
-George Thomas has resigned as chairman of the board, but remains on as a non-
executive director;
-Des de Beer (appointed as a non-executive on 1 May 2004), Rowland Chute and Les
Weil remain on the board as non-executives.
APPOINTMENT OF JAVA CAPITAL (PTY) LIMITED AS SPONSOR
Unitholders are advised that Java Capital has been appointed as sponsor to
Capital with effect from 1 June 2004.
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the renewal of cautionary announcement published on SENS on 29 April
2004, unitholders are advised that PFM is still in negotiations for the
substantial bulking up of the Capital portfolio. The negotiations are
progressing satisfactorily and if successfully concluded, could have an effect
on the price of Capital units. Capital unitholders are accordingly advised to
continue to exercise caution when dealing in their Capital units until a further
announcement is made.
Johannesburg
11 June 2004
Corporate advisor and sponsor
Java Capital (Pty) Limited
Legal advisor to PFM
Edward Nathan & Friedland (Pty) Limited
Legal advisor to MCI and MCI Properties
Prinsloo, Tindle & Andropoulos Inc. Attorneys
Millenium Consolidated Investments
Date: 11/06/2004 11:42:09 AM Produced by the JSE SENS Department
