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SUPPLEMENT TO
OFFER TO PURCHASE FOR CASH
AIMCO
AIMCO Properties, L.P.
is offering to purchase any and all units of limited partnership interests in
CONSOLIDATED CAPITAL PROPERTIES VI
FOR $11.67 PER UNIT IN CASH
Upon the terms and subject to the conditions set forth herein, we will accept
any and all units validly tendered in response to our offer. If units are
validly tendered and not properly withdrawn prior to the expiration date and the
purchase of all such units would result in there being less than 320
unitholders, we will purchase only 99% of the total number of units so tendered
by each limited partner.
Our offer price will be reduced for any distributions subsequently made by your
partnership prior to the expiration of our offer.
We have extended our offer; our offer and your withdrawal rights will expire at
5:00 P.M., New York City time, on September 15, 2000, unless we extend the
deadline.
We will pay the fee, up to $50, charged by a custodian of an IRA for tendering
units. You will pay any other fees and costs, including any transfer taxes.
Our offer is not subject to a minimum number of units being tendered.
SEE "RISK FACTORS" IN THE OFFER TO PURCHASE, DATED AUGUST 2, 2000, FOR
A DESCRIPTION OF RISK FACTORS THAT YOU SHOULD CONSIDER IN CONNECTION WITH OUR
OFFER, INCLUDING THE FOLLOWING:
We determined the offer price of $11.67 per unit without any
arms-length negotiations. Accordingly, our offer price may not
reflect the fair market value of your units.
In November 1999 we offered to buy your units for $24.38 per
unit. Since November 1999, your partnership has paid
distributions of $12.00 per unit from operations.
We are making this offer with a view to making a profit and,
therefore, there is a conflict between our desire to purchase
your units at a low price and your desire to sell your units
at a high price.
Your general partner and the property manager of the
properties are subsidiaries of ours and, therefore, the
general partner has substantial conflicts of interest with
respect to our offer.
(continued on next page)
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If you desire to accept our offer, you should complete and sign the
enclosed letter of transmittal in accordance with the instructions thereto and
mail or deliver the signed letter of transmittal and any other required
documents to River Oaks Partnership Services, Inc., which is acting as
Information Agent in connection with our offer, at one of its addresses set
forth on the back cover of this Supplement. QUESTIONS AND REQUESTS FOR
ASSISTANCE OR FOR ADDITIONAL COPIES OF THE OFFER TO PURCHASE, THIS SUPPLEMENT OR
THE LETTER OF TRANSMITTAL MAY ALSO BE DIRECTED TO THE INFORMATION AGENT AT (888)
349-2005.
September 1, 2000
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(Continued from prior page)
Continuation of your partnership will result in our affiliates
continuing to receive management fees from your partnership.
Such fees would not be payable if your partnership was
liquidated.
It is possible that we may conduct a future offer at a higher
price.
For any units that we acquire from you, you will not receive
any future distributions from operating cash flow of your
partnership or upon a sale or refinancing of property owned by
your partnership.
If we acquire a substantial number of units, we will increase
our ability to influence voting decisions with respect to your
partnership and may control such voting decisions, including
but not limited to the removal of the general partner, most
amendments to the partnership agreement and the sale of all or
substantially all of your partnership's assets.
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INTRODUCTION
On August 2, 2000, we commenced an offer to acquire all of the
outstanding units of your partnership, in exchange for $11.67 in cash per unit,
net to the seller, without interest, less the amount of distributions, if any,
made by your partnership in respect of any unit from August 2, 2000 until the
expiration date. If units are validly tendered and not properly withdrawn prior
to the expiration date and the purchase of all such units would result in there
being less than 320 unitholders, we will purchase only 99% of the total number
of units so tendered by each limited partner. Our offer is made upon the terms
and subject to the conditions set forth in the Offer to Purchase, dated August
2, 2000, this Supplement and in the accompanying letter of transmittal.
We will pay any transfer fees imposed for the transfer of units by your
partnership. However, you will have to pay any governmental transfer taxes that
apply to your sale. We will also pay up to $50 of fees for tendering your units
which are charged by any custodian or other trustee of any Individual Retirement
Account or benefit plan which is the owner of record of your units. Although the
fees charged for transferring units from an Individual Retirement Account vary,
such fees are typically $25-$50 per transaction. However, you will have to pay
any additional fees and any other fees and expenses, including any fees or
commissions imposed by your broker, and any taxes that apply to your sale. The
custodian for your IRA account should bill us for such fees by sending an
invoice to the Information Agent.
We have retained River Oaks Partnership Services, Inc. to act as the
Information Agent in connection with our offer. We will pay all charges and
expenses in connection with the services of the Information Agent. The offer is
not conditioned on any minimum number of the units being tendered. However,
certain other conditions do apply. See "The Offer - Section 17. Conditions of
the Offer," in the Offer to Purchase. Under no circumstances will we be required
to accept any unit if the transfer of that unit to us would be prohibited by the
agreement of limited partnership of your partnership.
We have extended the expiration date of our offer to 5:00 p.m., New
York City time, on September 15, 2000. If you desire to accept our offer, you
must complete and sign the letter of transmittal in accordance with the
instructions contained therein, and forward or hand deliver the enclosed
acknowledgment and agreement, together with any other required documents, to the
Information Agent. If you have already tendered your units in accordance with
the original letter of transmittal, you need not take any further action to
continue to tender your units. You may withdraw your tender of units pursuant to
the offer at any time prior to the expiration date of our offer and, if we have
not accepted such units for payment, on or after October 3, 2000.
We expressly reserve the right, in our reasonable discretion, at any
time and from time to time, to extend the period of time during which our offer
is open and thereby delay acceptance for payment of, and the payment for, any
unit. Notice of any such extension will promptly be disseminated to you in a
manner reasonably designed to inform you of such change. Further, any extension
may be followed by a press release or public announcement which will be issued
no later than 9:00 a.m., New York City time, on the next business day after the
scheduled expiration date of our offer, in accordance with Rule 14e-1(d) under
the Securities Exchange Act of 1934.
Our Offer to Purchase, dated August 2, 2000, is hereby further
supplemented as follows:
1. Since May 1, 2000, we have purchased in privately negotiated
transactions the following units in your partnership:
<TABLE>
<CAPTION>
DATE NUMBER OF UNITS SALE PRICE PER UNIT
---- --------------- -------------------
<S> <C> <C>
May 1 208 (1)
June 1 30 $24.38
July 1 40 $11.97
</TABLE>
(1) Purchase prices are as follows: 88 units were purchased for $24.38 per
unit; and 120 units were purchased as part of a group purchase of
2,485.25 units in various partnerships for an aggregate price of
$489,818.
Since May 1, 2000, there have been no rescinded tenders.
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<TABLE>
<CAPTION>
DATE NUMBER OF UNITS SALE PRICE PER UNIT
---- --------------- --------------------
<S> <C> <C>
May 1 0 n/a
June 1 0 n/a
July 1 0 n/a
</TABLE>
2. The current executive officers of the general partner of your
partnership are the same as the executive officers of AIMCO.
3. Your general partner intends to seek approval of limited partners to
amend your partnership agreement to eliminate the current partnership mandatory
minimum set reserve requirement of approximately $2,070,200. Approval of this
amendment is likely based on the number of units held by us and our
affiliates. After adoption of the amendment, the general partner will be able to
reduce the necessary reserves and, as a result, it is expected that your
partnership will make a distribution to its partners in an aggregate amount
equal to the reduction in the reserves.
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The letter of transmittal and any other required documents should be
sent or delivered by each unitholder or such unitholder's broker, dealer, bank,
trust company or other nominee to the Information Agent at one of its addresses
set forth below.
THE INFORMATION AGENT FOR THE OFFER IS:
RIVER OAKS PARTNERSHIP SERVICES, INC.
<TABLE>
<CAPTION>
<S> <C> <C>
By Mail: By Overnight Courier: By Hand:
P.O. Box 2065 111 Commerce Road 111 Commerce Road
S. Hackensack, N.J. Carlstadt, N.J. 07072 Carlstadt, N.J. 07072
07606-2065 Attn.: Reorganization Dept. Attn.: Reorganization Dept.
</TABLE>
For information, please call:
TOLL FREE: (888) 349-2005
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