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FAIRVEST PROPERTY HOLDINGS LIMITED - Acquisition not proceeding, withdrawal of cautionary announcement

Release Date: 23/01/2014 13:00
Code(s): FVT     PDF:  
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Acquisition not proceeding, withdrawal of cautionary announcement

Fairvest Property Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1998/005011/06)
Linked unit code: FVT   ISIN: ZAE000034658
(“the Company”)

ACQUISITION NOT PROCEEDING, WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

ACQUISITION NOT PROCEEDING

1.   Linked unitholders are referred to the Company’s SENS announcement on
     14 November 2013 (“Transaction Announcement”) regarding the conclusion
     of an acquisition agreement (“Acquisition Agreement”) with Old Mutual
     Life Assurance Company (South Africa) Limited (“Old Mutual”) for the
     acquisition of certain retail properties by the Company from Old
     Mutual (“Old Mutual Acquisition”).

2.   As indicated in the Transaction Announcement, the Old Mutual
     Acquisition is subject to the fulfilment of various conditions
     precedent, including confirmation by the Company that it has completed
     a due diligence investigation in connection with the acquisition
     portfolio to its satisfaction (“Due Diligence CP”).

3.   As indicated in the Company’s SENS announcement on 16 January 2014,
     certain matters were identified by the Company during the due
     diligence investigation as being potentially material to the Old
     Mutual Acquisition. As a result, the Company did not confirm
     fulfilment of the Due Diligence CP, resulting in the Acquisition
     Agreement lapsing. At the time of the Company’s SENS announcement on
     16 January 2014, the Company was still, as indicated in that
     announcement, in discussions with Old Mutual regarding the possible
     reinstatement of the Acquisition Agreement upon revised terms.

4.   Linked unitholders are advised that the Company and Old Mutual have
     been unable to agree on revised terms for the reinstatement of the
     Acquisition Agreement and that the Company will therefore not be
     proceeding with the Old Mutual Acquisition.

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

5.   Linked unitholders are referred to the cautionary announcement
     contained in the Transaction Announcement, as renewed by the Company
     in its subsequent announcements dated 24 December 2013 and 16 January
     2014. Whereas the Company will not be proceeding with the Old Mutual
     Acquisition, caution is no longer required to be exercised by linked
     unitholders when dealing in the Company’s securities.

23 January 2014

Cape Town

Sponsor and Corporate Adviser: PSG Capital

Date: 23/01/2014 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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