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Siyathenga - Results of the offers by Siyathenga
SIYATHENGA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2004/005198/06)
(Share code: SYA ISIN: ZAE000069530)
(`Siyathenga`)
RESULTS OF THE OFFERS BY SIYATHENGA COMPRISING 39 984 623
SIYATHENGA LINKED UNITS
1. RESULTS OF THE RIGHTS OFFER, PREFERENTIAL OFFER AND PUBLIC
OFFER
The Siyathenga directors are pleased to announce that the
rights offer to the holders of Pangbourne Properties
Limited`s (`Pangbourne`) combined units (`the rights offer`)
and preferential offer to the Siyathenga Unit Purchase Scheme
(`the preferential offer`) pursuant to the circular issued by
Siyathenga to holders of Pangbourne combined units registered
with the Registrar of Companies and Close Corporations (`the
Registrar`) on 24 June 2005 and the offer to the public (`the
public offer`) in terms of the Siyathenga prospectus
registered with the Registrar on 24 June 2005 (`the
prospectus`)(`the offers), for a total of 39 984 623 linked
units in Siyathenga, was over subscribed by 8 389 424 linked
units.
Each linked unit comprises one share in the issued share
capital of Siyathenga with a par value of 0.01 cent
indivisibly linked to an unsecured variable rate debenture
having a nominal value of 460 cents (`Siyathenga linked
unit`).
1.1 In terms of the rights offer, Pangbourne combined
unitholders and their renouncees subscribed for 38 742
306 of the 39 984 623 Siyathenga linked units, equating
to an acceptance rate of 97% of the Siyathenga linked
units available in terms of the rights offer.
1.2 In terms of the preferential offer (details of which are
set out in the prospectus) the Siyathenga Unit Purchase
Scheme will subscribe for the remaining 3%, comprising 1
242 317 Siyathenga linked units.
1.3 Consequently, in terms of the public offer, there were
no Siyathenga linked units available for subscription.
1.4 Accordingly, the underwriters were not called upon to
subscribe for any underwritten Siyathenga linked units
as detailed in the prospectus.
1.5 The Siyathenga linked units were listed on the JSE
Limited with effect from 5 August 2005.
2. ADDITIONAL INFORMATION
From the date of this announcement, or as soon as possible
thereafter:
2.1 refund cheques, if applicable, will be posted to members
of the public who subscribed in terms of the public
offer;
2.2 Central Securities Depository Participant or broker
accounts will be credited with Siyathenga linked units
and debited with any payments due in respect of holders
of dematerialised Siyathenga linked units; and
2.3 Siyathenga linked unit certificates will be posted to
Siyathenga linked unitholders who elected to receive
their linked units in certificated form.
3. THE WILLOWBRIDGE AGREEMENT
Siyathenga unitholders are advised that the agreement for the
acquisition by Siyathenga of a 50% undivided share in the
Willowbridge Shopping Centre in Bellville, Cape Town from
Mini-Cape Developments (Proprietary) Limited, dated 24 March
2005, is still conditional upon various conditions precedent
being met including:
3.1 minimum leasing requirements being achieved;
3.2 the provision of completion certificates and costings
indicating that 80% of the development has been
completed which suspensive conditions are to be
fulfilled by 31 January 2006, and
3.3 the publication of notices in terms of Section 34 of the
Insolvency Act, prior to transfer.
Johannesburg
16 August 2005
Investment bank and sponsor
Standand Bank
Corporate law advisers
Edward Nathan
Legal Advisers
Prinsloo, Tindle & Andropolous
Promoter and joint underwriter
Pangbourne Properties Limited
Reporting accountants and auditors
Deloitte&Touche
Date: 16/08/2005 08:40:04 AM
Produced by the JSE SENS Department
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