SAC/SRL - SA Corporate/ SA Retail - SA Corporate b
SAC SRL
SAC SRL
SAC/SRL - SA Corporate/ SA Retail - SA Corporate backs SA Retail offer with cash
alternative
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share Code: SAC
ISIN Code: ZAE000083614
A Collective Investment Scheme in property
registered in terms of the Collective Investment Schemes Control Act, No. 45 of
2002 and managed by
SA Corporate Real Estate Fund Managers Limited
(formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corporate")
SA Retail Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/025764/06)
Share Code: SRL
ISIN Code: ZAE000034328
("SA Retail")
SA CORPORATE BACKS SA RETAIL OFFER WITH CASH ALTERNATIVE
SA Corporate Real Estate Fund has announced that its offer to the linked
unitholders of SA Retail Properties Limited will be supplemented with a cash
alternative.
The terms of the cash offer, to meet a requirement of the Securities Regulation
Panel, are R10,50 per SA Retail linked unit held, together with interest from
October 1, 2006 to the date of settlement.
Roger Perkin, managing director of SA Corporate, says 97.28% of SA Retail linked
unitholders have irrevocably undertaken to accept the offer of 3,05 SA Corporate
units for one SA Retail unit and not the cash alternative, thereby paving the
way for the creation of a R7 billion fund.
SA Corporate has confirmed it has sufficient facilities available to meet the
cash offer commitments in the unlikely event that the remaining 2.72% of SA
Retail unitholders elect to receive the cash consideration.
Perkin says that based on SA Corporate`s intraday high of 415 cents on Wednesday
(March 14), the cash alternative is 20.6% lower than the unit offer, which
equates to R12.66.
Ends
Date: 14/03/2007 17:31:00 Produced by the JSE SENS Department.
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