Hyprop - Opening Of Offer To Unitholders Of Sa Ret
Hyprop - Opening Of Offer To Unitholders Of Sa Retail Properties Limited
Hyprop Investments Limited
(Registration No. 1987/005284/06)
Share code: HYP ISIN code: ZAE000003430
(`Hyprop`)
OPENING OF OFFER TO UNITHOLDERS OF SA RETAIL PROPERTIES LIMITED (`SA RETAIL`)
Hyprop`s offer to the linked unitholders of SA Retail (`SA Retail unitholders`)
to acquire all of the linked units in SA Retail (`SA Retail units`) not already
owned by Hyprop opened today Monday, 9 May 2005.
The offer circular containing the full terms and conditions of the offer will be
posted to SA Retail unitholders today.
In terms of the offer each SA Retail unitholder which accepts the offer may
elect that the offer consideration be discharged by Hyprop either on the basis
of:
* 1 Hyprop consideration unit for every 2.7 SA Retail units in respect of which
the offer is accepted; or
* the payment of R8,00 in cash for every 1 SA Retail unit in respect of which
the offer is accepted.
The offer is conditional upon:
* the securing by Hyprop of the approval of Hyprop combined unitholders (other
than Redefine Income Fund Limited) which has been ruled by the JSE Securities
Exchange South Africa (to be a related party to Hyprop) to the acquisition of
SA Retail units pursuant to the implementation of the offer; and
* the attainment of all necessary approval for the implementation of the offer
from the Competition authorities.
The date on which the offer will become unconditional will be announced on SENS
and in the press (together with the details of the last day to trade, closing
date and record date of the offer). The offer will remain open for a period of
at least 10 business days after it is announced that the offer has become
unconditional.
Rosebank
9 May 2005
Corporate advisor
Legal advisor
Sponsor
Java Capital (Proprietary) Limited
Date: 09/05/2005 03:32:03 PM
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