Fairvest - Update on offers received and further c
Fairvest - Update on 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
UPDATE ON OFFERS RECEIVED AND FURTHER CAUTIONARY ANNOUNCEMENT
Linked unit holders are referred to the cautionary announcement published on
SENS on 9 September 2005 and in the press on 10 September 2005 announcing that
the board of directors had received a number of proposals and offers, which were
in the process of being assessed.
Two separate and distinct proposals had been received by the board of directors
from Matemeku Property Acquisition 101 (Pty) Limited ("Matemeku") and George
Prokas ("Prokas"), and the following decisions have been taken:
- Matemeku
Matemeku submitted a conditional offer to acquire the entire existing property
portfolio of Fairvest for an amount of R117 million. The Fairvest board took the
decision that they did not wish to dispose of the entire property portfolio, but
only a portion thereof. Matemeku subsequently withdrew its offer.
- Prokas
Prokas submitted an offer to acquire a minimum of 50,1% of the issued shares of
Fairvest at 48 cents per share, or to acquire the entire business / property
portfolio of Fairvest for an amount of R40,636 million.
Prokas took the decision not to progress any further with his offer for the time
being.
NEDBANK CIRCLE PROPERTY
At a general meeting of unit holders held on 13 July 2005, approval was obtained
for the disposal of the Nedbank Circle property in Durban at a price of R18 000
000. As all the conditions precedent in relation to this agreement have not been
met, this disposal will not be proceeded with.
FURTHER CAUTIONARY ANNOUNCEMENT
In view of the above the board is continuing to examine proposals to return
value to unit holders and unit holders are advised to continue to exercise
caution when dealing in their linked units until a further announcement is made.
2 November 2005
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 02/11/2005 02:10:02 PM Produced by the JSE SENS Department
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