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Update On Corporate Action And Renewal Of Cautionary
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
Unitholders of Fountainhead (“Unitholders”) are referred to
Fountainhead’s cautionary announcement released on SENS on 21 February
2013 and the letter from the Chairman of the independent committee
(“Independent Committee”) of the board of directors of Fountainhead
Property Trust Management Limited to Unitholders released on 28 February
2013, which provided details of the key considerations taken into account
to date by the board in evaluating the two proposals received as well as
the proposed way forward in relation to the proposals.
Unitholders are advised that the Chairman of the Independent Committee
received a letter today, 11 March 2013, from Redefine Properties Limited
(“Redefine”) advising of its decision to withdraw its proposal to acquire
the assets of Fountainhead and informing the Independent Committee that
it has acquired approximately 18% of the Fountainhead units, making it
the largest Fountainhead unitholder. This has not been substantiated at
this time. In addition, Redefine intends, on an accelerated basis, to
offer to acquire up to a further 15% of the Fountainhead units in issue,
on the terms set out in the Redefine announcement which was released on
SENS at 15h15 this afternoon.
The Independent Committee is considering the effects of this development,
and is taking appropriate legal and financial advice and will respond
accordingly.
Unitholders are advised to continue to exercise caution when trading in
their Fountainhead units until a further announcement is made.
11 March 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
Date: 11/03/2013 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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