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SYC
SYC
SYC - Sycom Property Fund - Announcement regarding an investment in the SESCF
Sycom Property Fund
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Sycom Property
Fund Managers Limited
Registration number 1986/002756/06)
JSE Share code: SYC ISIN: ZAE000019303
("Sycom" or "the Fund")
ANNOUNCEMENT REGARDING AN INVESTMENT IN THE STENHAM EUROPEAN SHOPPING CENTRE
FUND IC ("SESCF"),
Introduction
Unitholders are advised that Sycom subscribed for 22.5% in the issued capital of
SESCF ("the investment") on 18 July 2007 following capital raising undertaken by
SESCF. SESCF is listed on the Channel Island Stock Exchange ("CISE") and holds
as its only asset, 100% of its subsidiary Prejan Enterprises Limited ("Prejan").
Prejan in turn holds as its only asset, Nova Eventis, a regional shopping centre
which is situated between Leipzig and Halle in Germany. The total consideration
for the investment was R257 566 174.
Rationale for the investment
The long term strategy is to increase the Fund`s exposure with offshore
investments through partnering with experts from other countries.
Funding of the investment
The investment will be funded through the placement of Sycom units.
Financial information relating to the investment
Pro forma financial information
Based on the audited financial results of Sycom for the year ended 31 March
2007, the pro forma financial effects of the investment on Sycom`s net asset
value per unit ("NAV") and net tangible asset value per unit ("NTAV") are set
out below. This pro forma financial information has been prepared for
illustrative purposes only and because of its nature may not give a true picture
of Sycom`s financial position, nor the effect and impact of the investment on
Sycom going forward. The pro forma financial information is the responsibility
of the directors of Sycom Property Fund Managers Limited ("Sycom Fund
Managers").
Before the After the % Change
investment (1) investment (2)
NAV (cents) 1 589 1 602 0.82%
NTAV (cents) 1 774 1 774 0.00%
Units in issue (`000) 183 356 197 914 7.94%
Notes:
Based on the audited financial results of Sycom for the year ended 31 March
2007.
Based on the assumption that the investment was entered into on 31 March 2007
and that the consideration of R257 566 174 was settled through the placing of 14
557 519 Sycom units at a price of 1800 cents.
Forecast financial information
It is expected that R1.2 million of income relating to the investment will
accrue to Sycom for the year ending 31 March 2008 and R6.4 million for the year
ending 31 March 2009. These forecast estimates have been based on current
management account information and forward yield projections relating to SESCF.
This forecast financial information has not been reviewed or reported on by
Sycom`s auditors in terms of Section 8 of the JSE Limited ("JSE") Listings
Requirements and is the responsibility of the directors of Sycom Fund Managers.
Suspensive conditions of the investment
All suspensive conditions relating to the investment have been fulfilled.
Details relating to the Nova Eventis shopping centre
Details regarding the Nova Eventis shopping centre are set out below:
Location Sector Gross Single or Weighted Total
lettable multi average value of
area tenanted rental property
m2 per m2 Rbillion
R (1)
Between Leipzig Retail 96 000 Multi - 172 R3.511
and Halle in tenanted
Germany
Note:
The value was arrived at by the directors of Sycom Fund Managers, based on
forward yields provided by SESCF. The directors of Sycom Fund Managers are not
independent or registered professional valuers.
Pretoria
15 August 2007
Investment bank and sponsor
Nedbank Capital
Date: 15/08/2007 08:45:01 Produced by the JSE SENS Department.
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