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ACP SYC
ACP SYC
ACP / SYC - Acucap / Sycom - Announcement regarding the acquisition by Acucap of
the remaining 50% in Sycom Property Fund managers ("SPFM") ("THE TRANSACTION")
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
JSE Share code: ACP ISIN: ZAE000037651
("Acucap" or "the Company")
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")
ANNOUNCEMENT REGARDING THE ACQUISITION BY ACUCAP OF THE REMAINING 50% IN SYCOM
PROPERTY FUND MANAGERS ("SPFM") ("THE TRANSACTION")
1 Introduction
This announcement serves to advise Acucap and Sycom unit holders of a
change in the shareholding of SPFM and is a voluntary announcement for both
funds in terms of the JSE Limited Listings Requirements.
2 Information regarding the Transaction
During 2008, Acucap group acquired a 50% share in SPFM from Parkdev
(Proprietary) Limited ("Parkdev"). Acucap has recently agreed with Parkdev
to acquire its remaining 50% interest in SPFM for a total consideration of
R136.3 million, to be settled in cash.
The Transaction is conditional upon obtaining Competition Authority
approvals and other regulatory approvals to the extent required and will
become effective upon the fulfilment of these conditions which is expected
to be in July 2010.
3 Rationale for the Transaction
The opportunity arose for Acucap to acquire Parkdev`s remaining interests
in SPFM, and the board of Acucap considered it an appropriate time to
proceed with the Transaction. Acucap has had ample opportunity to gain a
comprehensive understanding of the properties within the Sycom portfolio.
Given Acucap`s long-term interest in Sycom, it has always been the
Company`s intention to assume full ownership of SPFM in order to advance
its strategic objective of bringing the two businesses together in an
appropriate form. As the sole shareholder in SPFM, Acucap will be well
positioned to manage the direction and timing of these activities.
The terms of the Transaction are yield enhancing to Acucap unit holders,
and the earnings of SPFM are regarded as high quality annuity income, as
they are based on the value of Sycom as an enterprise and its underlying
contractual income. Acucap`s board of directors is also satisfied with the
timing of this transaction as the SA`s economic recovery begins to gather
momentum.
12 March 2010
Cape Town
Investment bank and sponsor Competition law advisor
Nedbank Capital Vani Chetty Competition Law
Date: 12/03/2010 13:34:12 Produced by the JSE SENS Department.
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