The terms of the cash offer, to meet a requirement of the Securities Regulation Panel, are R10,50 per SA Retail linked unit held, together with interest from October 1, 2006 to the date of settlement.

Roger Perkin, managing director of SA Corporate, says 97.28% of SA Retail linked unit holders have irrevocably undertaken to accept the offer of 3,05 SA Corporate units for one SA Retail unit and not the cash alternative, thereby paving the way for the creation of a R7 billion fund.

SA Corporate has confirmed it has sufficient facilities available to meet the cash offer commitments in the unlikely event that the remaining 2.72% of SA Retail unitholders elect to receive the cash
consideration.

Perkin says that based on SA Corporate’s intraday high of 415 cents on Wednesday (March 14), the cash alternative is 20.6%
lower than the unit offer, which equates to 12.66.