Fairvest - Results of general meeting, update of n
Fairvest - Results of general meeting, update of number of linked units in
issue; and Disposal of property
Fairvest Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/005011/06)
(`Fairvest`)
Share code: FVT ISIN: ZAE000034658
Results of general meeting, update of number of linked units in issue; and
Disposal of property
1. Results of general meeting
Imara Corporate Finance South Africa (Pty) Limited is authorised to announce
that all of the resolutions proposed at the general meeting that was held on 13
July 2005 were passed. These approvals relate to the disposal of nine properties
and the repurchase of 14 000 000 linked units at 41 cents each. The effect of
the approval of the special resolution to repurchase the linked units is that
the number of Fairvest linked units in issue will be 84 659 070.
2. Disposal of the Ambassador House property
On 13 July 2005, the board accepted an offer from an independent buyer, Viable
Investments (Pty) Ltd, to purchase the property described as `Ambassador House`
situated on the corner of Pine and Price Alfred Streets, Durban, for a purchase
consideration of R2 500 000 cash. The book value of the property is R2 300 000
and the mortgage bond outstanding on the property is R1 373 000.
The agreement is subject to the following conditions precedent:
- the buyer completing a satisfactory due diligence investigation and having
sight of all relevant property documentation within 30 days of the date of
concluding the agreement; and
the buyer providing bank guarantees for the purchase price within 40 days of the
conclusion of the agreement.
4. Pro forma Financial Effects
The pro forma effects of the disposal on the earnings and headline earnings per
linked unit and net (and tangible) asset value per linked unit are below 1,5% on
the assumption that the disposal was concluded at the beginning of the six month
period ended 31 March 2005 and are therefore considered to be insignificant.
15 July 2005
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 15/07/2005 03:33:05 PM S
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