| Fri 3 Dec 2010, 12:07 | | CPL - Capital Property Fund - Capital`s proposal to acquire all Pangbourne |
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CPL
CPL
CPL - Capital Property Fund - Capital`s proposal to acquire all Pangbourne
linked units: financial effects and withdrawal of cautionary announcement
Capital Property Fund
Share Code: CPL
ISIN: ZAE000001731
("Capital")
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme
in Property established in terms of the Collective Investment Schemes Control
Act, No 45 of 2002)
Managed by Property Fund Managers Limited
("PFM")
(Registration No. 1980/009531/06)
CAPITAL`S PROPOSAL TO ACQUIRE ALL PANGBOURNE LINKED UNITS: FINANCIAL EFFECTS
AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Capital unitholders are referred to the previous announcement in relation to
Capital`s proposal to offer to acquire all Pangbourne linked units in issue
that are not already held by Capital ("the transaction") as released on SENS on
24 November 2010.
FINANCIAL EFFECTS
The unaudited pro forma financial effects of the transaction on Capital`s
historical distribution per unit, earnings per unit and headline earnings per
unit for the six months ended 30 June 2010 and net asset value per unit at 30
June 2010 are set out below.
The pro forma financial effects have been prepared for illustrative purposes
only, to provide information on how the transaction may have impacted on the
historical results and financial position of Capital. Because of their nature,
they may not fairly present Capital`s financial position after the transaction
or the effect of the transaction on Capital`s future earnings. The pro forma
financial effects are the responsibility of the directors of PFM.
Historical Pro forma after Change
before the the transaction
transaction
Distribution per unit (cents) 28.36 27.34 (3.60%)
Earnings per unit (cents) 30.58 23.25 (23.97%)
Headline earnings per unit 29.66 23.47 (20.87%)
(cents)
Net asset value per unit (R) 6.57 7.28 10.81%
Weighted average units in issue 717 578 059 1 661 002 531 943 424 472
for the six months ended 30 June
2010
Units in issue at 30 June 2010 717 578 059 1 661 002 531 943 424 472
Notes and assumptions:
1 The amounts set out in the "Historical before the transaction" column have
been extracted from Capital`s results for the six months ended 30 June
2010.
2 Distribution per unit, earnings per unit and headline earnings per unit,
as set out in the "Pro forma after the transaction" column, reflect the
effects of the transaction on distribution per unit, earnings per unit and
headline earnings per unit for the six months ended 30 June 2010 based on
the following assumptions:
* the transaction was implemented on 1 January 2010; and
* at 1 January 2010, there were 439 565 837 Pangbourne linked units in
issue, of which 43 169 000 were held by Capital, and Capital acquired the
balance of 396 396 837 Pangbourne linked units in exchange for 943 424 472
Capital units.
3 Net asset value per unit, as set out in the "Pro forma after the
transaction" column, reflects the effect of the transaction on net asset
value per unit at 30 June 2010 based on the following assumptions:
* the transaction was implemented on 30 June 2010; and
* intangible assets have been raised for the difference between the fair
value of the purchase consideration (calculated using the Capital unit
price of R8.00 on 1 December 2010, and including Capital`s previous
investment in 43 169 000 linked units in Pangbourne and the estimated
transaction costs), and the fair value of the assets and liabilities being
acquired in terms of the transaction.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Caution is no longer required to be exercised by Capital unitholders when
dealing in their securities.
3 December 2010
Corporate advisor and legal advisor to Capital
Java Capital (Proprietary) Limited
Sponsor to Capital
Java Capital Trustees and Sponsors (Proprietary) Limited
Date: 03/12/2010 12:07:01 Produced by the JSE SENS Department.
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