S A Retail Properties Limited - Announcement Regarding The Acquisition And
Disposal Of Retail Properties By S A Retail And The Hyprop Offer and Cautionary
AnnouncementS A RETAIL PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/025764/06)
(`S A Retail` or `the Company`)(Share Code: SRL ISIN Code: ZAE000034328)
ANNOUNCEMENT REGARDING THE ACQUISITION AND DISPOSAL OF RETAIL PROPERTIES BY S A
RETAIL AND THE HYPROP OFFER AND CAUTIONARY ANNOUNCEMENT
SA Retail unitholders are referred to the announcement dated 31 March 2005 withregard to the acquisition and disposal of retail properties by SA Retail from
and to Martprop Property Fund (`Martprop`), subject to the conditions referred
to in that announcement.
Having given careful consideration to the above transaction, in light of thespecial circumstances present in this matter and the fact that the conditions
precedent to the transaction are not likely to be met at this time, the
respective boards of directors of both SA Retail and Martprop have today agreed
to cancel the transaction. Should circumstances change, SA Retail may revisitthe transaction in the future, and will advise unitholders accordingly at that
time.
The board of directors of SA Retail will shortly post a circular to its
unitholders setting out its views on the offer by Hyprop Investments Limited toacquire all of the linked units in SA Retail. This circular will also contain
the independent opinion to SA Retail by its independent adviser on the fairness
and/or reasonableness of this offer. SA Retail unitholders are accordingly
advised to continue to exercise caution when dealing in their units.Durban
31 May 2005
CORPORATE ADVISER SPONSOR
MARRIOTT CORPORATE PROPERTY EXCHANGE SPONSORSBANKDate: 31/05/2005 05:05:05 PM Produced by the JSE SENS Department
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