ApexHi - ApexHi`s Firm Intention To Make An Offer To Acquire The Entire Issued
Capital Of MICC Property Income Fund Limited (`MICC`) - Increased Offer
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1999/000238/06
JSE share code: APA ISIN: ZAE000033064
APB ISIN: ZAE000033072
(`ApexHi`)
APEXHI`S FIRM INTENTION TO MAKE AN OFFER TO ACQUIRE THE ENTIRE ISSUED CAPITAL OF
MICC PROPERTY INCOME FUND LIMITED (`MICC`) - INCREASED OFFER
1. Introduction
The attention of ApexHi unitholders is drawn to the announcement on 29 October
2004 in terms of which ApexHi notified ApexHi unitholders of its intention to
make a conditional offer to the unitholders of MICC to acquire all of their
linked units (`the offer units`) for an offer consideration of 35 ApexHi `A`
linked units and 35 ApexHi `B` linked units for every 100 offer units held.
ApexHi unitholders are advised that the board of ApexHi has resolved that the
terms of the offer to be contained in the offer circular to be issued to MICC
unitholders will differ from the terms of the offer as contained in the
announcement dated 29 October 2004 in the manner set out in paragraph 0.
2. Increased offer consideration to MICC unitholders
2.1 MICC unitholders accepting the offer will have an election to receive
either:
2.1.1 36 ApexHi `A` linked units and 36 ApexHi `B` linked units
for every 100 offer units held; or
2.1.2 18 ApexHi `A` linked units and 18 ApexHi `B` linked units
plus R320,00 in cash, for every 100 offer units held.
2.2 MICC unitholders accepting the offer will be entitled to participate
in the distribution to be paid by MICC during December 2004. Such MICC
unitholders will not be entitled to participate in the distribution to be paid
by ApexHi on 29 November 2004 but will be entitled to participate in the
distribution to be paid by ApexHi during February 2005.
3. Cash confirmation
ApexHi has provided the SRP with independent confirmation that ApexHi has
sufficient resources to satisfy the cash portion of the offer.
4. Cautionary announcement
Until such time as a detailed announcement containing the financial effects of
the offer on ApexHi unitholders is published, ApexHi unitholders are required to
continue to exercise caution when dealing in ApexHi linked units.
Johannesburg
8 November 2004
Sponsor
Java Capital (Proprietary) Limited
Corporate Law Advisors and Consultants
Edward Nathan & Friedland (Proprietary) Limited
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