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Growthpoint - Declaration Of Final Distribution For The Six Months Ended 30 June

Release Date: 26/07/2006 16:59
Code(s): GRT
Wrap Text

Growthpoint - Declaration Of Final Distribution For The Six Months Ended 30 June 2006 And Update On Scheme Of Arrangement Growthpoint Properties Limited (Incorporated in the Republic of South Africa) (Registration number 1987/004988/06) Share code: GRT ISIN: ZAE000037669 ("Growthpoint") DECLARATION OF FINAL DISTRIBUTION FOR THE SIX MONTHS ENDED 30 JUNE 2006 AND UPDATE ON SCHEME OF ARRANGEMENT 1. Introduction Further to the joint announcement published on 19 June 2006 regarding the scheme of arrangement ("the scheme") in terms of section 311 of the Companies Act, 1973 (Act 61 of 1973), as amended, proposed by Growthpoint between Metboard Properties Limited ("Metboard") and the holders of Metboard linked units, other than Growthpoint ("scheme members"), notice is hereby given of the final distribution for the six months ended 30 June 2006, comprising final dividend number 39 of 0,04 cent per share and debenture interest payment number 39 of 42,16 cents per debenture, totalling 42,20 cents per linked unit. The total distribution for the financial year ended 30 June 2006 is therefore 81,30 cents per linked unit, an increase of 11,1% compared to the previous year. The audited preliminary results announcement is expected to be published in the last week of August 2006. The early declaration of the final distribution has been made to coincide with the special distribution declared by Metboard for the three months ended 30 June 2006, as announced by Metboard today. The issue of the scheme consideration as set out in paragraph 3 below of new Growthpoint linked units to scheme members in return for their Metboard linked units is scheduled to take place on 21 August 2006. Revenue from Metboard"s properties will accrue to Growthpoint from 1 July 2006 and the new Growthpoint linked units issued to scheme members will participate in Growthpoint"s earnings from 1 July 2006. 2. Timetable for final distribution The distribution of 42,20 cents per linked unit will be payable to Growthpoint linked unitholders in accordance with the abbreviated timetable set out below: 2006 Last date to trade "cum" the final distribution Friday, 11 August Linked units commence trading "ex" the final distribution Monday, 14 August Record date to participate in the final distribution Friday, 18 August Payment of the final distribution Monday, 21 August No dematerialisation or rematerialisation of Growthpoint linked unit certificates may take place between Monday, 14 August 2006 and Friday, 18 August 2006, both days inclusive. 3. Timetable for the issue of Growthpoint linked units in terms of the scheme In terms of the scheme, scheme members will receive one new Growthpoint linked unit for every 1.9 Metboard linked units held, rounded to the nearest whole number ("scheme consideration"). The remaining salient dates applicable to the scheme and the settlement of the scheme consideration are set out below: 2006
Suspension of Metboard linked units (from commencement of business) Monday, 14 August Consideration record date, being the date on which a holder of Metboard linked units must be recorded in the register as such to receive the scheme consideration Friday, 18 August Payment date of the Growthpoint distributions and the Metboard distributions Monday, 21 August Operative date of the scheme when: Monday, 21 August * the scheme consideration will be posted to certificated scheme participants (if documents of title are received on or prior to the consideration record date) or failing receipt of documents of title on or before the consideration record date, within five business days of receipt thereof by the transfer secretaries; and * dematerialised scheme participants will have their accounts held at their CSDP debited with their Metboard linked units and credited with the scheme consideration. Termination of the listing of Metboard on the JSE Limited Monday, 21 August 4. Prospects The property portfolio continues to perform well and despite the recent increase in interest rates and the market correction of listed property prices, the underlying property fundamentals remain strong. It is anticipated that growth in distributions for the year to 30 June 2007 will be at similar levels to the growth experienced in the year ended 30 June 2006. By order of the board R Krabbenhoft Secretary 27 July 2006 Managed by Investec Property Group Date: 26/07/2006 04:59:26 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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