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VPF
VPF
VPF - Vunani Property Investment Fund Limited - Financial information
relating to the acquisition by VPIF of the property known as the Foretrust
Building and further cautionary announcement
VUNANI PROPERTY INVESTMENT FUND LIMITED
(formerly Vunani Property Investment Fund Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE code: VPF
ISIN: ZAE000157459
("VPIF" or "the company")
FINANCIAL INFORMATION RELATING TO THE ACQUISITION BY VPIF OF THE PROPERTY
KNOWN AS THE FORETRUST BUILDING AND FURTHER CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Further to the announcement dated, 28 October 2011, the financial
information relating to the Foretrust Property is set out herein.
PRO FORMA FINANCIAL EFFECTS OF THE TRANSACTION
The pro forma financial effects of the transaction on net asset value and
net tangible asset value per linked unit are not significant and have
therefore not been disclosed.
FORECAST INFORMATION RELATING TO THE FORETRUST PROPERTY
The forecast financial information relating to the Foretrust Property for
the financial periods ending 30 June 2012 and 30 June 2013 is set out
below. The forecast financial information has not been reviewed or
reported on by a reporting accountant in terms of section 8 of the Listings
Requirements of the JSE and is solely the responsibility of the company`s
directors.
Forecast for Forecast for
the 5 months the 12 months
ending 30 ending 30
June 2012 June 2013
Gross income 13 612 721 34 164 983
Straightline effect of leases 3 432 916 6 767 453
Property Expenditure (2 953 102) (7 330 344)
Other operating expenses (497 000) -
Net operating income 13 595 535 33 602 092
Finance costs (9 868 069) (23 696 350)
Debenture interest (294 550) (3 138 289)
Net profit before tax 3 432 916 6 767 453
Taxation (961 216) (1 894 887)
Net profit after taxation 2 471 700 4 872 566
Distributable earnings: 294 550 3 138 289
Notes:
1. Gross income includes all tenant recoveries while Property Expenditure
includes all consumption expenditure including property and asset
management fees.
2. VPIF will raise debt to fund the transaction and therefore 100% of the
cost of debt has been taken into account.
3. Other operating expenses include the costs associated with the
acquisition.
4. The debenture interest has been calculated in accordance with the
provision of the Debenture Trust Deed.
FURTHER CAUTIONARY ANNOUNCEMENT
Unitholders are advised that negotiations are in progress relating to the
acquisition of further properties which, if successfully concluded, could
affect the price of the company`s linked units.
Accordingly, VPIF unitholders are advised to exercise caution when dealing
in their linked units until a further announcement is made.
Sandton
18 November 2011
Independent Lead Sponsor
Grindrod Bank Limited
Corporate Adviser and Joint Sponsor
Vunani Corporate Finance
Date: 18/11/2011 14:24:01 Produced by the JSE SENS Department.
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