GRT/ PRA - Growthpoint/ Paramount - Results of the
GRT PRA
GRT PRA
GRT/ PRA - Growthpoint/ Paramount - Results of the extended Paramount B
Debenture Offer
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT & ISIN ZAE000037669
("Growthpoint")
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA & ISIN ZAE000028577
("Paramount")
RESULTS OF THE EXTENDED PARAMOUNT B DEBENTURE OFFER
INTRODUCTION
Paramount B debenture holders are referred to the announcement dated 26 January
2007, informing them of the extension of the B debenture offer to 12:00 on
Friday, 9 February 2007.
RESULTS OF THE EXTENDED B DEBENTURE OFFER
As at 12:00 on Friday, 9 February 2007, the closing date of the Paramount B
debenture offer, Growthpoint had received acceptances in respect of 1 323 192
Paramount B debentures equating to 91.4% of Paramount B debentures in issue. As
at the first closing date of 26 January 2007, Growthpoint had received 812 219
Paramount B debentures equating to 56.1% of the B debentures in issue.
Accordingly, Growthpoint will exercise its entitlement to compulsorily acquire
the remaining Paramount B debentures it does not own in terms of section 440K of
the Companies Act.1973, as amended ("the Companies Act"). The Companies Act
allows the offer or to compulsorily acquire the interests held by the minorities
once it has received acceptances for not less than nine-tenths of a class of
securities in issue.
FURTHER DOCUMENTATION
A circular incorporating a notice in terms of section 440K(1) of the Companies
Act, is expected to be posted to Paramount linked unitholders and Paramount B
debenture holders on or about Friday, 23 February 2007.
Sandton
12 February 2007
Investment bank to Growthpoint Sponsor to Growthpoint
(Investec Corporate Finance) (Investec Bank Limited)
Legal adviser to Growthpoint Independent adviser and sponsor to
Paramount
(Jowell Glyn Marais) (Nedbank Capital)
Legal adviser to Paramount Independent reporting accountants and
auditors
(Cliffe Dekker) (Ernst & Young)
Date: 12/02/2007 12:42:03 Produced by the JSE SENS Department.
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