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RES
RES
RES - Resilient - Acquisition of securities in Pangbourne Properties Limited
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES & ISIN: ZAE000043642
("Resilient" or "the company")
ACQUISITION OF SECURITIES IN PANGBOURNE PROPERTIES LIMITED
Linked unitholders are advised that Resilient has acquired 18 436 470 linked
units in Pangbourne Properties Limited ("Pangbourne") for a total consideration
of R300 085 413 (the "acquisition").
Of the Pangbourne securities purchased 16 012 228 were purchased on market for a
cash consideration of R260 085 413 and 2 424 242 were purchased from the Old
Mutual Group, for which the consideration was the delivery to Old Mutual of
3 960 396 linked units in Diversified Property Fund Limited.
The effective date of the last of the acquisitions comprising the transaction
was 12 September 2007.
Pangbourne is a JSE listed property loan stock company and the acquisition has
been entered into for investment and strategic purposes.
The pro forma financial effects of the acquisition set out in the table below
are the responsibility of the Resilient directors and have been prepared for
illustrative purposes only, to show how the acquisition may have affected the
company`s published results for the 6 month period ended 30 June 2007
("the interim results"). Due to their nature the pro forma financial effects may
not fairly present the company`s financial position, changes in equity, results
of operations or cash flows following implementation of the acquisition.
Before the After the Percentage
acquisition acquisition change
Headline earnings 36.07 34.21 (5.16)%
per linked unit
(cents)
Notes:
The "Before the acquisition" column reflects the headline earnings per linked
unit ("heplu") as published in the interim results;
The "After the acquisition" column reflects what the heplu for the period ended
30 June 2007 would have been had the effective date of the acquisition been 1
January 2007;
The calculation in the "After the acquisition" column is based on 150 329 171
linked units in issue;
The pro forma financial effects of the acquisition on Resilient`s earnings per
linked unit, distribution per linked unit, net asset value per linked unit and
net tangible asset value per linked unit as disclosed in the interim results are
not material.
Johannesburg
13 September 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 13/09/2007 13:05:42 Produced by the JSE SENS Department.
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