Redefine / Spearhead - The Redefine and Spearhead transaction

Redefine / Spearhead - The Redefine and Spearhead transaction                   
Redefine Income Fund Limited                                                    
(Registration No. 1999/018591/06)                                               
Share Code: RDF & ISIN Code: ZAE000023503                                       
("Redefine")                                                                    
Spearhead Property Holdings Limited                                             
(Registration No. 1996/005827/06)                                               
Share Code: SPE & ISIN Code: ZAE000019162                                       
("Spearhead")                                                                   
THE REDEFINE AND SPEARHEAD TRANSACTION                                          
All of the resolutions proposed in relation to the implementation of the        
acquisition by Redefine of 100% of the linked units in Spearhead Property       
Holdings Limited pursuant to a scheme of arrangement in terms of section 311 of 
the Companies Act (Act 61 of 1973, as amended) ("the scheme") were unanimously  
approved by both Redefine shareholders and debenture holders at the general     
meetings held on Friday, 27 October 2006.                                       
The acquisition and the scheme remain subject to the following conditions       
precedent:                                                                      
*    the approval by the Competition Authorities of the acquisition;            
*    the scheme being sanctioned by the High Court of South Africa (Cape of Good
     Hope Provincial Division) ("the return date"); and                         
*    a certified copy of the Order of Court sanctioning the scheme being        
     registered by the Registrar in terms of the Companies Act.                 
Redefine and Spearhead linked unitholders are advised that the Competition      
Commission has recommended to the Competition Tribunal that the acquisition be  
approved unconditionally. It is expected that the matter will be heard by the   
Competition Tribunal within the next two weeks.                                 
As announced on SENS on 24 October 2006 and in the press on 25 October 2006,    
because approval from the Competition Authorities was not obtained on or before 
26 October 2006, the return date will be extended and all dates from 31 October 
2006 onwards will change from those that were set out in the salient dates for  
the implementation of the scheme as published on SENS on 10 October 2006 and in 
the press on 11 October 2006.                                                   
Further announcements regarding the revised salient dates and the date on which 
the scheme will be implemented will be published on SENS and in the press in due
course.                                                                         
Rosebank                                                                        
27 October 2006                                                                 
Corporate advisor, legal advisor and sponsor to Redefine                        
Java Capital (Proprietary) Limited                                              
Corporate advisor and sponsor to Spearhead                                      
Bridge Capital Advisors (Proprietary) Limited                                   
Legal advisor to Spearhead and attorneys to the scheme                          
Hofmeyr Herbstein & Gihwala Inc.                                                
Legal advisor to Spearhead                                                      
Werksmans Inc.                                                                  
Spearhead"s auditors and independent advisor                                    
PKF (Newlands) Inc.                                                             
Date: 27/10/2006 02:17:19 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department