Redefine Income Fund Limited - Disposal Of Units In Capital Property Fund

Redefine Income Fund Limited - Disposal Of Units In Capital Property Fund       
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share code: RDF    ISIN code: ZAE000023503                                      
("Redefine")                                                                    
DISPOSAL OF UNITS IN CAPITAL PROPERTY FUND                                      
Java Capital is authorised to announce that Redefine has concluded an agreement 
(the "agreement") with Resilient Property Income Fund Limited ("Resilient") for 
the disposal of its entire investment in Capital Property Fund (comprising      
45 084 912 Capital units) (the "Capital units") for an aggregate price of       
R101 441 052, 50% of which is payable in cash and 50% of which will be settled  
by the issue of 7 245 789 units in Resilient. The effective date of the disposal
is 1 April 2004.                                                                
The purchase price payable in respect of the Capital units shall be settled on  
the 5th business day after the agreement becomes unconditional, together with   
interest on the cash portion at the rate of prime less 1,5%.                    
Condition precedent                                                             
The agreement is subject to the sale by Madison Property Fund Managers          
(Proprietary) Limited to Resilient of 25% of the shares in Property Fund        
Managers Limited (the manager of Capital Property Fund) becoming unconditional. 
Rationale for the disposal                                                      
In keeping with Redefine"s strategy of ensuring that its listed securities      
portfolio is dynamically managed, this opportunity enables Redefine to exit a   
listed counter at a favourable yield and to receive in exchange, units in an    
alternative counter which is more liquid, plus cash that will be utilised to    
finance superior yielding acquisitions.                                         
Financial Effects                                                               
The pro forma financial effects of the disposal on historical earnings, headline
earnings, net asset value and net tangible asset value per Redefine linked unit 
are not material and have therefore not been disclosed.                         
Johannesburg                                                                    
15 April 2004                                                                   
Corporate and legal advisor                                                     
Java Capital (Proprietary) Limited                                              
Sponsor                                                                         
Java Capital (Proprietary) Limited                                              
Date: 15/04/2004 05:00:02 PM Supplied by www.sharenet.co.za                     
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