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PAP CLO
PAP CLO
Calulo/Pangbourne - Mandatory offer by Pangbourne to Calulo unitholders
and withdrawal of cautionary
CALULO PROPERTY FUND LIMITED
(Formerly Annuity Property Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration no. 1987/006274/06)
Share code: CLO & ISIN: ZAE000060711
("Calulo")
PANGBOURNE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002352/06)
Share code: PAP ISIN: ZAE000005252
("Pangbourne")
* UNCONDITIONAL ACQUISITION OF A CONTROLLING INTEREST IN CALULO BY
PANGBOURNE
* SALIENT DATES RELATING TO A MANDATORY OFFER BY PANGBOURNE TO CALULO
UNITHOLDERS
* WITHDRAWAL OF CALULO CAUTIONARY ANNOUNCEMENT
1. Introduction
Calulo unitholders are referred to the announcement published on SENS on
19 July 2006 and in the press on 20 July 2006 regarding the acquisition
by Pangbourne of a 40.6% interest in Calulo from Matemeku Property
Acquisitions 104 (Proprietary) Limited and related matters ("the
transactions"), subject to the approval of the South African Competition
Authorities ("the Competition Authorities"). Calulo unitholders are
advised that the Competition Authorities have approved the transactions
and therefore the transactions are now unconditional.
Pursuant to the transactions becoming unconditional, Pangbourne will now
proceed with a mandatory offer to Calulo unitholders in terms of the
Securities Regulation Code on Takeovers and Mergers, of 300 cents per
Calulo linked unit ("the offer").
The purpose of this announcement, inter alia, is to advise Calulo
unitholders of the salient dates and times of the offer and the market
and financial information regarding the offer.
2. Pangbourne"s strategic objectives regarding Calulo
Market conditions permitting and subject to the requisite regulatory and
Calulo unitholder approvals, Pangbourne will inject a substantial high
quality office portfolio into Calulo within the next financial year,
making it an office focused fund. This is in keeping with Pangbourne"s
objective of holding strategic stakes in specialised property funds.
Pangbourne will undertake the property management of the Calulo property
portfolio, utilising its extensive property management infrastructure and
expertise to provide optimal returns from the portfolio. Pangbourne"s
strategic stake in Calulo will ensure that its interests are aligned with
those of all Calulo unitholders.
Salient dates and times of the offer
Date: 16/10/2006 03:22:42 PM Produced by the JSE SENS Department
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