PRA - Paraprop - Changes to the Board, Company Yea
PRA
PRA
PRA - Paraprop - Changes to the Board, Company Year-End and Distribution Periods
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA & ISIN: ZAE000028577
("Paraprop")
CHANGES TO THE BOARD OF DIRECTORS, COMPANY YEAR-END AND DISTRIBUTION PERIODS
Pursuant to the mandatory offer made by Growthpoint Properties Limited
("Growthpoint") as set out in a circular dated 18 December 2006, the company has
become a subsidiary of Growthpoint. Accordingly, Paraprop linked unitholders are
advised of the following changes:
DIRECTORATE
In compliance with section 3.59 of the JSE Limited Listings Requirements:
- Messrs R R Emslie and R D Jeffery have resigned from the board of directors
("the board") of Paraprop with effect from Tuesday, 23 January 2007; and
- Messrs E K de Klerk and L N Sasse have been appointed as executive
directors and Messrs S Hackner, J F Marais and C G Steyn have been
appointed as non-executive directors to the board of Paraprop with effect
from Tuesday, 23 January 2007.
Further to the notice of annual general meeting to be held on 23 February 2007
("the notice") as contained in the annual report posted on 24 January 2007, a
supplementary notice will be issued to all linked unitholders, to seek
confirmation of the directors` appointments referred to above.
FINANCIAL YEAR END
The Company`s financial year end will change from 31 October to 30 June each
year. The current financial period will thus span the 8 months ending 30 June
2007.
DISTRIBUTIONS
As a result of the change in year end, the next interim distribution will be for
the 2 months ended 31 December 2006.
The directors have proposed that the Company`s distribution frequency be changed
to half-yearly, in line with that of its holding company, Growthpoint. A notice
of a Debenture Holders Meeting will shortly be sent to all linked unitholders at
which a resolution will be proposed to give effect to this amendment.
Cape Town
25 January 2007
Sponsor
Nedbank Capital
Date: 25/01/2007 10:41:01 Produced by the JSE SENS Department.
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