| Fri 7 Dec 2007, 11:06 | | DIV - Diversified - General issue of linked units for cash |
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DIV
DIV
DIV - Diversified - General issue of linked units for cash
Diversified Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2005/029685/06
Share code: DIV & ISIN: ZAE000072369
("Diversified" or "the company")
GENERAL ISSUE OF LINKED UNITS FOR CASH
INTRODUCTION
Linked unitholders are advised that Diversified has completed a general
issue of units for cash in terms of the general authority granted by members
at the annual general meeting held on 11 October 2007 ("issue for cash"). In
total 13 636 363 Diversified linked units were placed with independent
public unitholders on 7 December 2007. The issue for cash units were issued
at an issue price of R11,00 and at a 2,3% premium to the 30 day volume
weighted average price calculated on 20 November 2007, the date on which the
issue was agreed. This represents a 0,6% discount to the ex-distribution
price. The issue for cash units rank pari passu with existing units in
issue, including the right to a distribution for the period ending 31
December 2007.
PROCEEDS AND LISTING
R150 million in cash was raised and this increased linked units in issue
from 160 167 750 to 173 804 113.
The cash proceeds from the general issue of units were used to reduce debt.
ISSUES OF LINKED UNITS UNDER THE GENERAL AUTHORITY
In the 2008 financial year to date Diversified has issued a total of 23 160
172 linked units (including the issue for cash units on 25 October 2007) in
terms of the general authority (the "general authority issues"). On a
cumulative basis, the linked units so issued have been issued at a 1,6%
premium to the 30 day volume weighted average price of linked units,
calculated with reference to the respective dates on which the general
authority issues were approved by the board.
PRO FORMA FINANCIAL EFFECTS
The pro-forma financial effects of the general authority issues set out in
the table below are the responsibility of the Diversified directors and have
been prepared for illustrative purposes only, to show how the general
authority issues may have effected the company`s published audited financial
statements for the year ended 30 June 2007. 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
the general authority issues.
Before the Pro-forma Change
general after the
authority general
issues authority
issues
Net asset value ("NAV")per 804,80 842,20 4,6%
linked unit (cents)
Net tangible asset value 786,81 826,66 5,1%
("NTAV") per linked unit
(cents)
Distribution per linked unit 62,11 67,67 8,9%
(cents)
Earnings per linked unit 219,96 203,54 (7,5%)
("EPLU") (cents)
Headline earnings per linked 61,93 67,51 9,0%
unit ("HEPLU") (cents)
Weighted average linked units 143 266 165 166 426 337 23 160 172
in issue for the year ended 30
June 2007
Linked units in issue at 30 146 920 941 170 081 113 23 160 172
June 2007
Notes:
1. The amounts set out in the "Before the general authority issues" column
have been extracted from the audited financial statements of
Diversified for the year ended 30 June 2007.
2. NAV per linked unit and NTAV per linked unit, as set out in the "Pro
forma after the general authority issues" column, reflect what the NAV
per linked unit and NTAV per linked unit at 30 June 2007 would have
been had the effective date of the general authority issues been 30
June 2007.
3. Distribution per linked unit, EPLU and HEPLU, as set out in the "Pro
forma after the general authority issues" column reflect what the
distribution per linked unit, EPLU and HEPLU for the year ended 30 June
2007 would have been had the effective date of the general authority
issues been 1 July 2006 and the proceeds from the general authority
issues were used to reduce debt at an interest rate of 9.45% per annum
from the effective date.
Johannesburg
7 December 2007
Sponsor
Java Capital (Proprietary) Limited
Date: 07/12/2007 11:06:46 Produced by the JSE SENS Department.
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