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ALPINA INVESTMENTS LIMITED - UPDATE REPORT TO SHAREHOLDERS AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
Alpina Investments Limited
(formerly Gold Edge Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/021085/06)
JSE Share code: ALA
ISIN ZAE000048377
(`Alpina`)
UPDATE REPORT TO SHAREHOLDERS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The directors of Alpina provide shareholders with a progress report:
The directors of Alpina provide shareholders with a progress report on the
following:
1. Previous Announcements About Proposed Acquisitions
* On 16 October 2003 and 29 December 2003, Alpina announced the
acquisition of Daisy Street Investments No 127 (Pty) Ltd (`Daisy
Street`) comprising inter alia the property portfolio of Fairvest
Property Holdings Limited (`Fairvest`) and properties owned by
Rentmeester Assurance Limited (`Rentmeester`). The transaction was
delayed pending the completion of the valuations on the properties,
the audit of Fairvest and certain legal issues pertaining to Fairvest.
* The Daisy Street agreement entered into by the parties in October
2003, meanwhile has lapsed and Alpina has made a further offer (based
on the outcome of the property valuations) for the Fairvest portfolio
at a reduced price. This offer was subsequently rejected by the
Fairvest board.
* Furthermore, the Rentmeester transaction was inter-related with the
Fairvest acquisition and conditional on its conclusion. As a result,
the original transaction entered into by Daisy Street could not be
implemented and therefore Alpina could not proceed with the proposed
acquisition.
* With regard to the Rentmeester portfolio, the parties to the agreement
have mutually agreed not to proceed with the transaction in its
original format.
* In addition, Alpina has terminated all consultancy agreements relating
to the Daisy Street transaction.
2. Future Strategies
The board of Alpina has re-affirmed that its short-term investment strategy
is to create a property portfolio of significant critical mass through the
acquisition of quality, high-yielding properties. On completion of the Ixia
Trading 532 (Pty) Ltd (`Ixia`) property portfolio acquisitions, Alpina will
own property to the value of over R130 million. The intention remains to
acquire additional properties to boost the portfolio to R500 million over
the next six months. Once these strategies have been formulated,
shareholders will be informed of developments.
3. Status Of Ixia Portfolio Property Transfers
The acquisition of the R85,7 million Ixia property portfolio has been
substantially completed. Two properties representing a purchase price of R
7,5 million remain to be transferred. In both instances, there have been
complicating factors relating to registration of a servitude and dealing
with lost bond documentation. To date, the company has issued 7 061 719 `b-
class` linked units to the vendor, Bonatla Property Holdings Limited. At
the appropriate time, an application will be made to the JSE for the
listing of the `b-class` linked units.
4. Withdrawal Of Cautionary Announcement
In view of the termination of the discussions referred to in paragraph 1
above relating to the acquisition of property portfolios, shareholders are
advised that they no longer need to exercise caution in dealing in their
Alpina `a-class` linked units.
Johannesburg
17 June 2004
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