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RDF - Redefine Properties Limited - Acquisition of Fountainhead Manco

Release Date: 30/03/2012 12:00
Code(s): RDF
Wrap Text

RDF - Redefine Properties Limited - Acquisition of Fountainhead Manco Redefine Properties Limited (Registration No. 1999/018591/06) Share Code: RDF ISIN Code: ZAE000143178 ("Redefine") ACQUISITION OF FOUNTAINHEAD MANCO Unitholders are advised that Redefine has concluded an agreement with Standard Bank Properties (Pty) Ltd and Liberty Holdings Limited to acquire Fountainhead Property Trust Management Limited and Evening Star Trading 768 (Pty) Ltd (collectively "Fountainhead Manco") for an aggregate consideration of R660 million. The acquisition of Fountainhead Manco is conditional on all required regulatory approvals, including approval of the Registrar of Collective Investment Schemes, the Competition Authorities and the South African Reserve Bank. Subject to the acquisition of Fountainhead Manco, Redefine intends making an offer to acquire all of the assets of Fountainhead Property Trust (the "Fountainhead acquisition") in return for units in Redefine and Hyprop Investments Limited (the "consideration units"). The Fountainhead acquisition will be conditional on a due diligence investigation and all requisite board, trustee and Redefine and Fountainhead unitholder approvals. At this stage, based on publicly available information, Redefine envisages pricing the offer at a level that, on the distribution of the consideration units, would result in a Fountainhead unitholder receiving Hyprop and Redefine units with a value at or about the current `clean` price at which Fountainhead units are trading. 30 March 2012 Corporate advisor, legal advisor and sponsor Java Capital Date: 30/03/2012 12:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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