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Apexhi Properties Limited - Update On Acquisition Of Prima Portfolio
ApexHi Properties Limited
(Registration No. 1999/000238/06)
Share codes: APA ISIN codes: ZAE000033064
APB ZAE000033072
(`ApexHi`)
UPDATE ON ACQUISITION OF PRIMA PORTFOLIO
Unitholders are referred to the announcements of 21 July and 5 August 2005
regarding ApexHi`s agreement to acquire the business comprising the property
portfolio of Prima Property Trust.
The JSE Limited has determined that the acquisition is a related party
transaction for ApexHi. Accordingly, the ApexHi board has obtained the opinion
of Ernst & Young as an independent expert that the terms of the acquisition,
which is subject, inter alia, to the approval of ApexHi shareholders, are fair
and reasonable.
The salient dates for ApexHi unitholders previously announced have been revised
and are now as set out below.
2005
Issue and posting of circular Monday, 26 September
Last day to lodge forms of proxy for Friday, 7 October
the general meeting by 11:00 on
General meeting to be held at 11:00 on Tuesday, 11 October
Announcement of results of general Tuesday, 11 October
meeting on the Securities Exchange
News Service on
Publication of announcement of results Wednesday, 12
of general meeting in the press October
The ApexHi board has agreed to pay Prima Property Trust Managers Limited
(`PPTM`), appointed in the Deed governing Prima as manager of the Prima
business, compensation of R12 million for the permanent loss of its income-
producing asset on termination of its management role as a result of the
acquisition.
The amount to be paid was negotiated between an independent committee of the
ApexHi board and PPTM, and details of its calculation are set out in the
circular to unitholders referred to below. In accordance with the Listings
Requirements of the JSE the payment constitutes a small related party
transaction and Ernst & Young, as independent expert, has confirmed that payment
of the compensation in the agreed amount is fair and reasonable as far as ApexHi
unitholders are concerned. The financial effects of the payment are not
material.
Rosebank
26 September 2005
Corporate advisor, legal advisor and sponsor to ApexHi
Java Capital (Proprietary) Limited
Reporting accountants and auditors
Grant Thornton
Chartered Accountants and Auditors
Independent expert
Ernst & Young Corporate Finance (Pty) Ltd
Date: 26/09/2005 02:21:49 PM
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