FOUNTAINHEAD PROPERTY TRUST - Update on corporate action and renewal of cautionary announcement

Update on corporate action and renewal of cautionary announcement

Fountainhead Property Trust
A Collective Investment Scheme in property registered in terms of the Collective Investment
Schemes Control Act, No 45 of 2002 and managed by Fountainhead Property Trust
Management Limited
(Registration No. 1983/003324/06)
Share Code: FPT
ISIN Code: ZAE000097416
("Fountainhead”)

Update on corporate action and renewal of cautionary announcement

1.   Introduction

     Fountainhead unitholders (“Unitholders”) are referred to Fountainhead's cautionary
     announcement released on SENS on 30 January 2013 relating to the decision of the
     independent committee (“Independent Committee”) of the board of directors of
     Fountainhead Property Trust Management Limited (“Fountainhead Manco”) to extend its
     exclusivity period with Redefine Properties Limited (“Redefine”) until Friday 22 February
     2013.

2.   Update on Redefine proposal

     Unitholders are advised that, at the time of this announcement, no written sale
     agreement has been concluded with Redefine. The trustee of Fountainhead (“Trustee”)
     has not yet concluded its work, as referred to in Fountainhead’s 30 January 2013
     announcement, in order for the Trustee to be satisfied that that the Collective Investment
     Schemes Control Act No 45 of 2002 and Fountainhead’s trust deed have been complied
     with in respect of the proposed execution of the sale agreement with Redefine.

3.   Revised Growthpoint proposal received

     Unitholders are advised that after the close of business on 20 February 2013 the
     chairman of the board of directors of Fountainhead Manco received from Growthpoint
     Properties Limited (“Growthpoint”) a revised proposal to acquire all of the property assets
     of Fountainhead. Growthpoint has released an announcement on SENS today detailing
     the revised offer and Unitholders are advised to read that announcement.

     The Independent Committee is, subject to its current exclusivity obligations, reviewing
     Growthpoint’s revised proposal and will respond accordingly after consulting with its
     advisors and other relevant stakeholders.

4.   Continuing cautionary announcement

     Unitholders are advised to continue to exercise caution when trading in their
     Fountainhead units until a further announcement is made.

Sandton
21 February 2013

Merchant bank and transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Legal Advisor
Bowman Gilfillan Inc.


 
 



Independent Expert
Questco Proprietary Limited




 

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