APEXHI PROPERTIES LIMITED - APEXHI OFFER TO MICC UNITHOLDERS
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 OFFER TO MICC UNITHOLDERS
INTRODUCTION
MICC Property Income Fund Limited (`MICC`) unitholders are referred to the
ApexHi announcement published on SENS on 17 December 2004 and in the press on 20
December 2004 as well as the circular to MICC unitholders dated 17 December 2004
containing details of ApexHi`s offer (`the offer`) to MICC unitholders.
As set out in the announcement and the circular, the offer was structured on the
following basis:
- an early settlement offer, being an initial unconditional offer to acquire
(when aggregated with the number of MICC units acquired by ApexHi prior to the
offer) up to 34.9% of the total number of MICC units in issue; and
- a subsequent offer, subject to the early settlement offer (when aggregated
with the number of MICC units acquired by ApexHi prior to the offer) being
accepted in respect of more than 34.9% of the total number of MICC units in
issue, in terms of which ApexHi undertook to make an immediate follow-on
conditional offer for all of the issued units of MICC on the same terms as the
early settlement offer, save that the subsequent offer was to be conditional
upon approval of the South African Competition Authorities.
RESULTS OF THE OFFER
The early settlement offer was accepted in respect of 2 744 357 MICC units.
This taken together with the 10 014 502 MICC units acquired by ApexHi prior to
the offer has resulted in ApexHi acquiring 12 758 859 MICC units, comprising
just over 19% of the MICC units in issue.
Accordingly, there is no need to make the subsequent offer and the subsequent
offer will not be made.
Rosebank
10 January 2004
Sponsor
Java Capital
Corporate Law Advisors and Consultants
Edward Nathan & Friedland (Proprietary) Limited
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