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ALPINA INVESTMENTS LIMITED - UPDATE REPORT TO SHAREHOLDERS; AND FURTHER
CAUTIONARY ANNOUNCEMENT
ALPINA INVESTMENTS LIMITED
Formerly Gold Edge Holdings Limited
(Incorporated in the Republic of South Africa) (Registration number:
1997/21085/06)
Share Code: ALA ISIN: ZAE000048385
("Alpina")
UPDATE REPORT TO SHAREHOLDERS; AND FURTHER CAUTIONARY ANNOUNCEMENT
The directors of Alpina hereby wish to provide shareholders with an update
report on the following matters:
Progress report on acquisitions
On 16 October 2003, Alpina announced the acquisition of a property portfolio
from inter alia Fairvest Property Holdings Limited ("Fairvest") and Rentmeester
Assurance Limited ("the acquisition transaction"). The following progress has
been made:
* The property valuers, Galleon Valuation Services (Pty) Ltd, have completed
their valuation of the entire portfolio that Alpina plans to acquire;
* The audit of Fairvest will be completed as soon as the directors are able to
provide clarification on a number of technical matters;
* Once the Fairvest audit has been concluded, the circular to shareholders can
be completed along with the reporting accountants" reports, fair and reasonable
statements and the Alpina profit forecast;
* An announcement setting out the financial effects of the acquisition
transaction will be made once the above information has been finalised.
Annual general meeting
In the notice of annual general meeting that was mailed to shareholders in
December 2003 along with the Alpina annual report for the year ended 30 June
2003, the date for the holding of the annual general meeting was reflected as
Monday, 22 March 2004. As the date is a public holiday, the directors have
decided to postpone the holding of the annual general meeting to Tuesday, 30
March 2004 at 10h00. The meeting will be held in the boardroom of Alpina, 1st
Floor, 43 Wierda Road West, Wierda Valley, Sandton.
An amended notice of annual general meeting will be mailed to shareholders on
Monday, 1 March 2004.
Status of Ixia portfolio property transfers
At the general meeting held on 6 August 2003, the acquisition of the R85,7
million Ixia Trading 532 (Pty) Ltd property portfolio from Bonatla Property
Holdings Ltd ("Bonatla") was approved by shareholders. Following a delay in
obtaining municipal clearance certificates, properties to the value of R33,2
million have been registered with further registrations to the value of R24,2
million expected within the next 10 days. The balance of the properties should
be transferred within the next four weeks. Application has been made to the JSE
for the issue and listing of an initial 4 789 033 "b-class" linked units to the
vendor, Bonatla, who will distribute these units to its shareholders in due
course.
Renewal of cautionary announcement
Shareholders are advised to continue to exercise caution in dealing in their
Alpina "a-class" linked units until the financial effects of the acquisition
transaction are published.
Johannesburg
27 February 2004
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 27/02/2004 11:36:33 AM Produced by the JSE SENS Department
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