Disposal of core Cape based properties and withdra
Resilient - Disposal of core Cape based properties and withdrawal of cautionary
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES ISIN: ZAE000043642
(`Resilient` or `the Company`)
DISPOSAL OF CORE CAPE BASED PROPERTIES AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Nedbank Capital is authorised to announce that Resilient has entered into an
agreement with Acucap Properties Limited (`Acucap`) to dispose of Resilient`s
three core Cape properties, namely:
An undivided 17,7683% share of The Bridge, Port Elizabeth
Pick `n Pay Newton Park, Port Elizabeth
Pick `n Pay Vredenburg
2. TERMS OF THE DISPOSAL
Resilient will dispose of the properties with effect from 1 October 2004 for a
consideration amount of R73.35 million to be settled in 5 708 171 Acucap linked
units at R12,85. The units will be issued to Resilient on the first day
following the last day to trade Acucap units cum distribution for the September
2004 interim distribution. It is the company`s intention to retain the
investment in Acucap units in the medium to long term. The disposal of the
undivided share in The Bridge, Port Elizabeth, is subject to co-shareholders
waiving their respective pre-emptive rights.
3. RATIONALE FOR THE DISPOSAL
Acucap has a large presence in the Cape market, which is expected to result in
improved efficiencies in managing these properties. The investment in Acucap
will formalise the strong relationship which exists between the two companies.
4. FINANCIAL EFFECTS AND TRANSACTION CATEGORISATION
The disposal does not have a significant effect on Resilient`s headline
earnings, distribution or net asset value per linked unit, and financial effects
have therefore not been included.
The disposal has been categorized as a category 3 transaction in terms of
section 9.5(a) of the JSE Securities Exchange South Africa Listings
Requirements.
5. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Resilient linked unitholders are referred to the cautionary announcement of 10
August 2004 and are informed that caution need no longer be exercised when
trading in Resilient units.
Johannesburg
31 August 2004
Investment Bank and Sponsor
Nedbank Capital
Date: 31/08/2004 04:45:55 PM
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