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ACP
ACP
Acucap - The Acquisition and withdrawal of cautionary announcement
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap" or "the company")
ANNOUNCEMENT REGARDING THE ACQUISITION OF 33% OF THE LINKED UNITS IN
ATLAS PROPERTIES LIMITED ("ATLAS") FROM HOANIB INVESTMENT HOLDINGS
(PROPRIETARY) LIMITED ("HOANIB") AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
1. Introduction
Linked unitholders are advised that Acucap has entered into an
agreement with Hoanib dated 21 October 2006 in terms of which Acucap
will acquire Hoanib"s 33% holding in Atlas ("the transaction").
2. The transaction
Acucap will acquire 21,040,644 Atlas linked units for an amount of
R331,390,143 ("the purchase consideration"). This represents a price
of R15.75 per Atlas linked unit. The effective date of the
transaction will be 30 November 2006, and the Atlas units will be
acquired by Acucap ex-distribution in respect of the year ended 30
September 2006.
The purchase consideration will be settled by the issue of Acucap
linked units ("the consideration units"), and Acucap has agreed to
place the consideration units on behalf of Hoanib prior to the
effective date. Should Acucap not successfully place all of the
consideration units on behalf of Hoanib prior to the effective date,
then the balance of the purchase consideration, represented by the
unplaced consideration units, shall be settled in cash.
3. Rationale for the transaction
The Atlas property portfolio has a 75% retail weighting, and
geographically over 80% of its properties are in the Cape, including
such quality retail assets as the Gardens Centre in Cape Town City
Bowl, 50% of the Bayside Shopping Centre in Tableview, and the
Howard Place Shopping Centre in Pinelands. The Atlas properties
complement Acucap"s portfolio, which also has a retail bias, but is
largely Gauteng based, and the transaction will therefore give
Acucap a strategic exposure to some prime Cape assets, particularly
in the retail sector.
3. Financial effects of the transaction
The financial effects of the transaction on Acucap"s earnings per
linked unit, headline earnings per linked unit and net asset value
per linked unit have not been disclosed as the effects are not
material.
5. Suspensive conditions of the transaction
The transaction has been approved by the boards of Acucap and
Hoanib, and is subject to the obtaining of regulatory approvals, to
the extent required.
6. Withdrawal of cautionary announcement
Linked unitholders are referred to the cautionary announcement dated
20 October 2006 and are advised that further to the information
above, caution need no longer be exercised when dealing in Acucap
securities.
Cape Town
24 October 2006
Investment bank and sponsor
Nedbank Capital
Date: 24/10/2006 07:00:07 AM Produced by the JSE SENS Department
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