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FVT
FVT
Fairvest - Results Of The General Meeting, Disposal, Cautionary, Delay In
Anticipated Release Of Interim Results For The 12-Month Period Ended 30
September 2006
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
("Fairvest" or "the company")
Linked unit code: FVT & ISIN: ZAE000034658
RESULTS OF THE GENERAL MEETING OF DEBENTURE HOLDERS AND CANCELLATION OF
GENERAL MEETING OF SHAREHOLDERS
DISPOSAL OF THE MANGROVE CENTRE AND NEDBANK CIRCLE PROPERTIES
EXTENSION OF CAUTIONARY ANNOUNCEMENT
DELAY IN ANTICIPATED RELEASE OF INTERIM RESULTS FOR THE 12-MONTH PERIOD
ENDED 30 SEPTEMBER 2006
RESULTS OF THE GENERAL MEETING OF DEBENTURE HOLDERS AND CANCELLATION OF
GENERAL MEETING OF SHAREHOLDERS
Linked unitholders are advised that all the resolutions contained in the
notice of general meeting of debenture holders of Fairvest dated 19
October 2006 were passed unanimously by linked unitholders at the general
meeting of Fairvest held on 10 November 2006.
The special meeting of shareholders, that was similarly convened to be
held just after the aforementioned general meeting of debenture holders
for the purpose of passing a special resolution in anticipation of the
amendment of section 228 of the Companies Act 61 of 1973 by the date of
the aforesaid meeting, was cancelled because the Corporate Laws Amendment
Bill had not been promulgated into law by the date of that meeting.
DISPOSAL OF THE MANGROVE CENTRE AND NEDBANK CIRCLE PROPERTIES
Linked unitholders are referred to the detailed proposed disposal terms
announcement, relating to the then proposed disposal of inter alia the
properties in question, released on SENS on 18 October 2006, which
contains further pertinent details, and to the circular to linked
unitholders dated 19 October 2006. Pursuant to the disposal process
embarked on, the following properties have been sold:
* the Mangrove Beach Centre property to Mr Nicholas Pearson for a cash
consideration of R17,1 million, net of commission; and
* the Nedbank Circle property to MAB and Associates for a cash
consideration of R26,25 million, net of commission.
In both instances:
* the disposals were effected in terms of the draft disposal agreement
tabled at the general meeting of linked unitholders held on 3
November 2006, which draft agreement was a document available for
inspection as referred to in the circular to linked unitholders
dated 19 October 2006;
* the disposals are unconditional and have been ratified at the
general meeting of linked unitholders held on 3 November 2006;
* the effective dates of the transactions will be the actual dates of
registration of transfer of ownership of the respective properties
into the names of the purchasers;
* payment of the respective purchase considerations will be received
against such transfers; and
* the respective purchasers are in varying stages of complying with
the relevant agreements relating to the payment of deposits and
furnishing of guarantees.
Detailed financial effects will be published once these transactions are
executed. Until such time the company will remain under cautionary.
EXTENSION OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 18 October 2006, Fairvest
linked unitholders are hereby advised that Fairvest is still engaged in
negotiations and in the process of implementation of transactions, which
if successfully concluded, may have a material effect on the price of
Fairvest securities. Accordingly, Fairvest linked unitholders are advised
to continue exercising caution when dealing in Fairvest linked units
until a full announcement is made.
DELAY IN RELEASE OF RESULTS FOR THE 12-MONTH PERIOD ENDED 30 SEPTEMBER
2006
In the trading statement released on 15 November 2006 it was anticipated
that the results for the second interim period ended 30 September 2006
would be released by 20 November 2006. It is now expected that those
results will be released by or about 8 December 2006.
17 November 2006
Sponsor
Merchant Sponsors (Proprietary) Limited
Auditor
Horwath Leveton Boner
Date: 20/11/2006 08:30:44 AM Produced by the JSE SENS Department
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