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FFA FFB
FORT
FFA/FFB - Fortress - General Issue of Linked Units for Cash
FORTRESS INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2009/016487/06
Share codes: FFA ISIN: ZAE000141313
FFB ISIN: ZAE000141321
("Fortress")
GENERAL ISSUE OF LINKED UNITS FOR CASH
INTRODUCTION
Linked unitholders are advised that Fortress has completed a general issue of
units for cash in terms of the general authority granted by members at a general
meeting held on 2 October 2009 ("issue for cash"). In total 11 817 123 Fortress
A linked units and 11 817 123 Fortress B linked units were placed with
independent public unitholders on 28 September 2010 ("issue for cash units").
The issue for cash units were issued at an issue price of R10.40 per A linked
unit (equal to a 6.59% discount to the weighted average traded price for the 30
business days prior to 16 September 2010, the date that the price of the issues
was agreed between the issuer and the parties subscribing for the linked units)
and an issue price of R2.30 per B linked unit (equal to a 3.31% discount to the
weighted average traded price for the 30 business days prior to 16 September
2010, the date that the price of the issues was agreed between the issuer and
the parties subscribing for the linked units).
PRO FORMA FINANCIAL EFFECTS
The pro-forma financial effects of the issue for cash set out in the table below
are the responsibility of the Fortress directors and have been prepared for
illustrative purposes only, to show how the issue for cash may have affected the
company`s published audited financial statements for the nine months ended 30
June 2010.
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 issue for cash.
Before the Pro-forma Change
issue for after the
cash issue for
cash
Net asset value ("NAV") and net 992 992 -
tangible asset value ("NTAV") per A
linked unit (cents)
Net asset value ("NAV") and net 82 93 13.4%
tangible asset value ("NTAV")per B
linked unit (cents)
Earnings per A linked unit 32.92 31.10 (5.5%)
Earnings per B linked unit 32.92 31.10 (5.5%)
Distribution per A linked unit 72.57 72.57 -
(cents)
Distribution per B linked unit 7.15 7.46 4.4%
(cents)
Weighted average linked units in 201 728 877 213 600 000
issue
Notes:
1. The amounts set out in the "Before the issue for cash" column have been
extracted from the audited financial results of Fortress for the nine
months ended 30 June 2010.
2. NAV per linked unit and NTAV per linked unit, as set out in the "Pro forma
after the issue for cash" column, reflect what the NAV per linked unit and
NTAV per linked unit would have been had the effective date of the issue
for cash been 30 June 2010.
3. Distribution per linked unit as set out in the "Pro forma after the issue
for cash" column reflect what the distribution per linked unit would have
been had the effective date of the issue for cash been 1 October 2009. The
effect on headline earnings per linked unit is not material and has not
been disclosed.
4. The proceeds from the issue for cash was used to reduce interest bearing
borrowings at an interest rate of 8.95%.
29 September 2010
Sponsor
Java Capital
Date: 29/09/2010 17:15:00 Produced by the JSE SENS Department.
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