S A Retail - Response of the directors of SA Retail to the offer by Hyprop
Investments Limited and further 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`)
RESPONSE OF THE DIRECTORS OF SA RETAIL TO THE OFFER BY HYPROP INVESTMENTS
LIMITED AND FURTHER CAUTIONARY ANNOUNCEMENT
SA Retail unitholders are referred to the formal offer by Hyprop Investments
Limited (`Hyprop`), posted on 9 May 2005, and the announcement by Hyprop on the
same day (`Hyprop offer`). In terms of rule 27.2 of the Securities Regulation
Code on Take-overs and Mergers (`Code`) of the Securities Regulation Panel
(`SRP`), the directors of SA Retail are required to advise its unitholders of
their views on the Hyprop offer within 14 days of the publication of the offer
document.
A number of issues relating to frustrating action in terms of rule 19 of the
Code and concert parties are presently before the SRP which may have a material
bearing on the Hyprop offer and on an evaluation thereof by unitholders and the
board of directors of SA Retail. The board of directors of SA Retail is of the
view that, due to these outstanding questions, it is not yet in a position to
form an opinion on the Hyprop offer.
SA Retail advised the SRP of the above on Friday, 13 May 2005 and requested the
SRP to grant SA Retail an extension of the 14-day requirement in terms of the
Code. It is SA Retail Board`s intention to respond to its unitholders as soon
as is possible to enable them to make an informed decision on whether or not to
accept the Hyprop offer.
SA Retail unitholders` attention is further draw to the terms of the Hyprop
offer which stipulate inter alia that all acceptances of the offer are
irrevocable and may not be withdrawn. The board of directors of SA Retail
accordingly recommends that unitholders who are considering accepting the Hyprop
offer should not do so (and should not tender their shares) until such time as
all of the relevant issues before the SRP have been resolved, and the board`s
evaluation of the offer has been communicated to unitholders.
Unithoders are therefore advised to continue exercising caution in dealing in
their SA Retail units until a further announcement is made.
Durban
19 May 2005
Corporate Adviser
Marriott Corporate Property Bank
Attorneys
Webber Wentzel Bowens
Attorneys
Cox Yeats
Sponsor
Exchange Sponsors
Date: 19/05/2005 12:34:22 PM
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