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PRA
PRA
Paramount Property Fund Limited - Results Of General Meetings To Introduce
Empowerment Shareholders
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA
ISIN : ZAE000028577
("Paraprop")
RESULTS OF GENERAL MEETINGS TO INTRODUCE EMPOWERMENT SHAREHOLDERS
1. INTRODUCTION
Paraprop linked unitholders are referred to the Paraprop announcement dated
7 April 2006 and circular to Paraprop linked unitholders dated 17 May 2006,
regarding the proposed introduction of empowerment shareholders via a specific
issue of shares for cash, including an increase in Paraprop"s authorised share
capital, an increase in Paraprop"s A debenture capital and an amendment to
Paraprop"s Articles of Association. ("the proposals").
2. RESULTS OF GENERAL MEETINGS
At the general meeting of Paraprop ordinary shareholders held at 10:30, on
Friday, 9 June 2006, Special Resolution No.1, as set out in the notice of the
general meeting to give effect to the proposals, was not approved by the
requisite majority of 75% of shareholders present and voting in person or by
proxy as required by the Companies Act. A total of 77.14% of shareholders were
present in person or by proxy, of whom 67.35% voted in favour, 32.00% voted
against and 0.65% abstained. Consequently the remaining resolutions as set out
in the notice of the meeting of Paraprop ordinary shareholders fell away.
At the general meeting of Paraprop A debenture holders held at 11:00, on
Friday, 9 June 2006, the Paraprop Board of Directors withdrew the Extraordinary
Resolution, as set out in the notice of general meeting to A debenture holders,
as a consequence of the failure of Special Resolution No.1, at the general
meeting of Paraprop ordinary shareholders referred to above.
3. OPINION OF THE DIRECTORS
Paraprop took great care in designing the proposals to ensure that the
long-term interests of Paraprop and all its stakeholders (including its
existing and future linked unitholders) would be positively affected. Taking
all the relevant factors into account, the board believes the proposals to have
been fair and reasonable and in the best interests of Paraprop. Notwithstanding
that the proposals were not successfully approved by the requisite majority of
shareholders and A debenture holders, the Paraprop board remains committed to
the continued and sustainable growth of the South African economy which, in its
view, will largely depend on the extent to which black South Africans
participate.
Cape Town
9 June 2006
Financial advisor and joint sponsor to Paraprop
Absa Capital
Legal adviser to Paraprop
Cliffe Dekker
Lead sponsor to Paraprop
Nedbank Capital
Independent adviser to Paraprop
KPMG
Independent reporting accountants
Ernst & Young
Transfer secretaries to Paraprop
Computershare
Date: 09/06/2006 03:04:42 PM Produced by the JSE SENS Department
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