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SZA
SZA
Sizafika - Updated cautionary relating to acquisition of properties and rights
offer
Sizafika Property Investments Limited
(Formerly Adonis Knitwear Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number: 1969/002908/06
Share code: SZA & ISIN: ZAE000080198
("Sizafika" or "the company")
UPDATED CAUTIONARY ANNOUNCEMENT RELATING TO ACQUISITION OF PROPERTIES AND RIGHTS
OFFER
ACQUISITION OF PROPERTIES
Further to a cautionary announcement on 25 May 2006 and a rights offer circular
sent to linked unit holders of Sizafika on 24 July 2006 in which the board of
directors indicated that it was the intention of the company to acquire a
portfolio of commercial properties to the value of approximately R2 billion over
a two year period, inclusive of properties with potential re-development and
enhancement opportunities, the board of directors wishes to provide linked unit
holders with the following update:
Agreements have been entered into with various property vendors to acquire
commercial properties to the value of approximately R400 million. These
agreements are subject inter alia to the completion of a due diligence by
Sizafika, independent valuations of the properties, the finalisation of
financing arrangements and the issue of linked units at 300 cents. Thereafter,
these agreements will be subject to board approval, regulatory approvals
(including, but not limited to JSE Limited, Securities Regulation Panel and
Competition Commission) and the approval by the company"s linked unit holders.
In addition to the properties referred to above, negotiations are taking place
in respect of the acquisition of further properties to the value of
approximately R225 million.
The properties being acquired and those under negotiation include properties in
the office, retail and industrial sectors and are located throughout South
Africa.
A detailed announcement will be made in due course, providing inter alia,
details of the portfolio and the financial effects of the acquisition of the
portfolio on Sizafika.
BLACK ECONOMIC EMPOWERMENT ("BEE") INITIATIVES
Sizafika is in negotiation with a BEE group with a view to that group acquiring
an equity interest of approximately 15% to 20% in the company. Financing
facilities have been arranged to facilitate this transaction.
RIGHTS OFFER
Sizafika is at present undertaking a rights offer to raise capital of R6 887 500
to meet the expenses and working capital requirements of undertaking the
contemplated property acquisitions.
Linked unit holders are reminded that the rights offer closes at 12h00 on
Friday, 11 August 2006.
APPOINTMENT OF DIRECTORS
At a board meeting held on 3 August 2006, Mr Leon van Wyk was appointed as the
financial director and Mr Melvin Antonie as a non executive director.
FURTHER CAUTIONARY ANNOUNCEMENT
Linked unit holders are advised to continue to exercise caution when dealing in
their linked units until a detailed announcement has been made.
Johannesburg
7 August 2006
Sponsor
Investec
Date: 07/08/2006 09:34:06 AM Produced by the JSE SENS Department
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