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GRT
GRT
GRT - Growthpoint Properties Limited - General issue of new linked units for
cash
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
ISIN: ZAE000037669
JSE Share code: GRT
("Growthpoint" or "the Company")
General issue of new linked units for cash
1 Introduction
Growthpoint linked unitholders are referred to the announcement released on
SENS on 13 July 2011 whereby Growthpoint announced that it had successfully
raised R1.8 billion by placing 100 million new linked units ("the placed
units") with local and international institutional investors. The placed
units were issued in accordance with paragraph 5.52 of the Listings
Requirements of the JSE Limited, and under the general authority obtained
at the annual general meeting of the Company held on 03 November 2010. The
placed units equate to 6,4 per cent of the Company`s issued linked unit
capital.
The placed units were issued at a price of R18.00 per unit, being a 1.4 per
cent discount to the 30 day volume weighted average price on 12 July 2011.
The proceeds from the placed units will be used to acquire property and
reduce debt, in line with Growthpoint`s shareholder mandate.
The issue price comprises R17.25 of linked unit capital and 75c antecedent
divestiture distribution for the 6 month period to 30 June 2011 and the pro
rata distribution for the period ending 31 December 2011.
2 Financial effects
The table below reflects the unaudited pro forma financial effects of the
above mentioned general issue of linked units for cash, net of costs. The
pro forma financial effects have been prepared for illustrative purposes
only and in terms of the Listings Requirements of the JSE and therefore due
to their nature, may not truly reflect Growthpoint`s financial position or
results. The directors of Growthpoint are responsible for the preparation
of the pro forma financial effects.
Before the Pro forma after Change (%)
placing the
(cents) placing(cents)
Basic (loss) per linked unit (13.5) (12.7) 6
Headline earnings per linked 32.1 35.3 10
unit
Distribution per linked unit 63.9 65.2 2
Net asset value ("NAV") per 1530.0 1544.9 1
linked unit
Net tangible asset value 1459.0 1478.4 1
("NTAV") per linked unit
Notes:
1 The `Before the placing` figures are based on the unaudited interim
financial statements for the six months ended 31 December 2010.
2 The `Pro forma after the placing` figures are based on the assumption
that the issue was effective from 1 July 2010 for basic loss per
linked unit, headline earnings per linked unit and distribution per
linked unit and on 31 December 2010 for NAV and NTAV, and have been
adjusted:
* to include the increase in cash as a result of the above proceeds
from the placed shares; and
* based on the assumption that the proceeds were utilized to pay
down existing South African debt using a weighted average cost of
debt of 9.7%.
Sandton
22 July 2011
Investec Bank Limited Deutsche Bank AG
Sponsor and joint book runner Joint book runner
Date: 22/07/2011 15:00:01 Produced by the JSE SENS Department.
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