Calulo / Pangbourne - Results of the Mandatory Off
PAP CLO
PAP CLO
Calulo / Pangbourne - Results of the Mandatory Offer
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")
RESULTS OF THE MANDATORY OFFER BY PANGBOURNE TO CALULO MINORITY UNITHOLDERS
1. INTRODUCTION
Calulo linked unitholders and Pangbourne combined unitholders are referred
to the announcements published on SENS on 19 July 2006 and 16 October 2006,
respectively, regarding the mandatory offer by Pangbourne to Calulo linked
unitholders to acquire all of the Calulo linked units that it did not
already own for a purchase consideration of 300 cents per Calulo linked
unit ("the offer").
2. RESULTS OF THE OFFER
The offer closed on Friday, 10 November 2006 at 12:00 and was accepted in
respect of 18 094 017 Calulo linked units, which represents 20,1% of the
Calulo linked units in issue. Accordingly, taking into account the 40,6% of
the Calulo linked units acquired from Matemeku Property Acquisitions 104
(Proprietary) Limited and the 2,6% of the Calulo linked units in issue
acquired on the open market, Pangbourne now owns 57 128 833 linked units in
Calulo, representing 63,3% of the Calulo linked units in issue.
3. EFFECT ON PANGBOURNE"S DISTRIBUTION TO ITS UNITHOLDERS
The acquisition by Pangbourne of a 63,3% interest in Calulo will have no
material effect on Pangbourne"s distribution to its combined unitholders
for either the year ending 30 June 2007 or the year ending 30 June 2008.
Craighall
13 November 2006
Sponsor and independent adviser to Calulo
Sasfin Capital
A division on Sasfin Bank Limited
Investment bank and sponsor to Pangbourne
Standard Bank
Legal adviser to Calulo
Cliffe Dekker
Corporate Law Advisers to Pangbourne
Edward Nathan Sonnenbergs
Date: 13/11/2006 05:58:31 PM Produced by the JSE SENS Department
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