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Pangbourne acquires iFour linked units.

Posted On Tuesday, 11 March 2003 10:01 Published by eProp Commercial Property News
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Property company Pangbourne Properties (PAP) has announced that it has agreed to collectively acquire from Growthpoint Properties and the Mine Employees Pension Fund (MEPF) 17.854 million iFour (IFR) linked units at 572 cents per linked unit for an aggregate consideration of R102.125-million.


Property-Housing-ResidentialThe consideration will be discharged through the transfer to these parties of 2.862 million ApexHi Properties B units and 32.981 million Grayprop units.

In addition, Pangbourne has acquired on the open market a further 1.858 million iFour linked units for R9.307-million, or an average price of 501 cents per unit.

Pangbourne will be entitled to receive a distribution of 36.29 cents per iFour linked unit in respect of 9.854 million of the iFour linked units acquired in terms of the MEPF transaction.

Pangbourne"s interest in the issued linked units of iFour will reach 33.8% on transfer of the iFour linked units under the MEPF transaction. iFour is a property holding company that was listed on the JSE Securities Exchange South Africa in 2002 in the Real Estate Holding and Development sector. iFour invests in office, commercial and retail properties through its subsidiaries.

Pangbourne said that it has identified the iFour linked unit as a high yielding instrument underlying which exists a high quality property portfolio. Pangbourne's investment in iFour in exchange for its interest in Grayprop and a portion of its interest in ApexHi represents a re-alignment of its strategic interests, it added.

The pro forma effects of the transaction on the headline earnings, net asset value and tangible net asset value per Pangbourne combined unit are not material, it added.

The effect of the MEPF transaction and the open market transaction on the earnings per Pangbourne combined unit for the six months ended 31 December 2002 equates to 2.23 cents, which represents the capital profit realised on the MEPF transaction.

Last modified on Tuesday, 06 May 2014 13:49

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