Fairvest - Offers Received And Further Cautionary Announcement
Fairvest Property Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/005011/06)
(`Fairvest`)
Share code: FVT ISIN: ZAE000034658
OFFERS RECEIVED AND FURTHER CAUTIONARY ANNOUNCEMENT
Linked unit holders are referred to the cautionary announcement published on
SENS and in the press on 11 August 2005 setting out the stated objectives of the
Fairvest board of directors to realise value for unit holders.
Imara Corporate Finance South Africa (Pty) Limited is authorised to announce
that the board of directors has received a number of proposals and offers, which
are in the process of being assessed.
1. OFFERS
Two separate and distinct proposals have been received by the board of
directors, as follows:
MATEMEKU PROPERTY ACQUISITION 101 (PTY) LIMITED (`MATEMEKU`)
Matemeku, a BEE controlled company, has submitted a conditional offer to acquire
the entire existing property portfolio of Fairvest for an amount of R117 million
subject, inter alia, to the following terms and conditions:
A due diligence exercise being completed within 30 days of signature date;
The requisite approvals being obtained from Matemeku`s investment committee, the
Competitions Authority, JSE Limited, The Securities Regulation Panel and ABSA
Commercial Property Finance Credit Committee;
The provision of the necessary property guarantees within 90 days of signature
of the agreement.
1.2 GEORGE PROKAS (`PROKAS`)
Prokas has submitted an offer via LPC Manhattan Moela to acquire up to 50,1% of
the issued linked units of Fairvest at 48 cents per linked units, or to acquire
the entire business / portfolio of Fairvest for R40,636 million, subject inter
alia to a due diligence exercise being completed.
2. FINANCIAL EFFECTS OF THE PROPOSALS ON LINKED UNIT HOLDERS
The board of Fairvest will assess the proposals and the financial effects on the
Company and the linked unit holders and inform the linked unit holders of such
effects in due course.
3. OPINION OF THE BOARD OF DIRECTORS
The board of directors are in the process of assessing the proposals and offers
and will advise linked unit holders of Fairvest of their opinion on the merits
or demerits of each proposal once it has obtained full details of the proposals
and the financial effects of such proposals on Fairvest and linked unit holders.
FURTHER CAUTIONARY ANNOUNCEMENT
In view of the above, linked unit holders are advised to continue to exercise
caution in dealing in their linked units until a further announcement is made.
9 September 2005
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 09/09/2005 03:16:05 PM
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