S A Retail - Cautionary announcement
S A RETAIL PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/025764/06)
(JSE Code: SRL & ISIN Code: ZAE000034328)
(`S A Retail`)
CAUTIONARY ANNOUNCEMENT REGARDING -
THE ACQUISITION AND DISPOSAL OF RETAIL PROPERTIES BY SA RETAIL; AND
A PROPOSED OFFER TO UNITHOLDERS OF SA RETAIL BY HYPROP INVESTMENTS LIMITED
(`HYPROP`)
The unitholders of SA Retail are referred to the announcement by Hyprop dated 1
April 2005 of the firm intention by it to make an offer to acquire all of the
linked units in SA Retail and are also referred to the `Update Announcement` by
Hyprop published in the press on 21 April 2005, as well as the announcement by
SA Retail on 4 April 2005.
The Hyprop Update Announcement refers inter alia to outstanding rulings awaited
from the JSE Securities Exchange South Africa (`JSE`) and the Securities
Regulation Panel (`SRP`) in relation to various contentions put forward by
Hyprop. The Hyprop Update Announcement omits to disclose the fact that SA
Retail has responded in detail to both the JSE and the SRP disputing Hyprop`s
contentions and also omits to disclose the fact that a ruling is awaited from
the SRP on a question which might require Hyprop to supplement the `share-for-
share` consideration proposed in terms of its intended offer to SA Retail
unitholders with a cash alternative.
Save for saying that the board of directors of SA Retail has at all times acted
and continues to act in the best interests of the company, SA Retail does not
intend commenting on the contents of the Hyprop Update Announcement until
rulings have been made by the JSE and the SRP.
Accordingly, unitholders are advised to exercise caution in dealings with their
linked units in SA Retail until further details are published.
Durban
22 April 2005
Corporate Adviser
Marriott Corporate Property Bank
Attorneys
Webber Wentzel Bowens
Attorneys
Cox Yeats
Sponsor
Exchange Sponsors
Date: 22/04/2005 01:31:04 PM
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