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GRT
GRT
Growthpoint - Declaration Of Final Distribution For The Six Months Ended 30 June
2006 And Update On Scheme Of Arrangement
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN: ZAE000037669
("Growthpoint")
DECLARATION OF FINAL DISTRIBUTION FOR THE SIX MONTHS ENDED 30 JUNE 2006
AND UPDATE ON SCHEME OF ARRANGEMENT
1. Introduction
Further to the joint announcement published on 19 June 2006 regarding the
scheme of arrangement ("the scheme") in terms of section 311 of the Companies
Act, 1973 (Act 61 of 1973), as amended, proposed by Growthpoint between
Metboard Properties Limited ("Metboard") and the holders of Metboard linked
units, other than Growthpoint ("scheme members"), notice is hereby given of
the final distribution for the six months ended 30 June 2006, comprising final
dividend number 39 of 0,04 cent per share and debenture interest payment
number 39 of 42,16 cents per debenture, totalling 42,20 cents per linked unit.
The total distribution for the financial year ended 30 June 2006 is therefore
81,30 cents per linked unit, an increase of 11,1% compared to the previous
year.
The audited preliminary results announcement is expected to be published in
the last week of August 2006.
The early declaration of the final distribution has been made to coincide with
the special distribution declared by Metboard for the three months ended 30
June 2006, as announced by Metboard today. The issue of the scheme
consideration as set out in paragraph 3 below of new Growthpoint linked units
to scheme members in return for their Metboard linked units is scheduled to
take place on 21 August 2006. Revenue from Metboard"s properties will accrue
to Growthpoint from 1 July 2006 and the new Growthpoint linked units issued to
scheme members will participate in Growthpoint"s earnings from 1 July 2006.
2. Timetable for final distribution
The distribution of 42,20 cents per linked unit will be payable to Growthpoint
linked unitholders in accordance with the abbreviated timetable set out below:
2006
Last date to trade "cum" the final distribution Friday, 11 August
Linked units commence trading "ex" the final distribution Monday, 14 August
Record date to participate in the final distribution Friday, 18 August
Payment of the final distribution Monday, 21 August
No dematerialisation or rematerialisation of Growthpoint linked unit
certificates may take place between Monday, 14 August 2006 and Friday, 18
August 2006, both days inclusive.
3. Timetable for the issue of Growthpoint linked units in terms of the scheme
In terms of the scheme, scheme members will receive one new Growthpoint linked
unit for every 1.9 Metboard linked units held, rounded to the nearest whole
number ("scheme consideration"). The remaining salient dates applicable to the
scheme and the settlement of the scheme consideration are set out below:
2006
Suspension of Metboard linked units (from commencement
of business) Monday, 14 August
Consideration record date, being the date on which
a holder of Metboard linked units must
be recorded in the register as such to receive
the scheme consideration Friday, 18 August
Payment date of the Growthpoint distributions
and the Metboard distributions Monday, 21 August
Operative date of the scheme when: Monday, 21 August
* the scheme consideration will be posted to certificated scheme participants
(if documents of title are received on or prior to the consideration record
date) or failing receipt of documents of title on or before the consideration
record date, within five business days of receipt thereof by the transfer
secretaries; and
* dematerialised scheme participants will have their accounts held at their
CSDP debited
with their Metboard linked units and credited with the scheme consideration.
Termination of the listing of Metboard on the JSE Limited Monday, 21 August
4. Prospects
The property portfolio continues to perform well and despite the recent
increase in interest rates and the market correction of listed property
prices, the underlying property fundamentals remain strong. It is anticipated
that growth in distributions for the year to 30 June 2007 will be at similar
levels to the growth experienced in the year ended 30 June 2006.
By order of the board
R Krabbenhoft
Secretary
27 July 2006
Managed by
Investec Property Group
Date: 26/07/2006 04:59:26 PM Produced by the JSE SENS Department
