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SGA SGB
SIFL
SGA/SGB - Synergy Income Fund Limited - Update regarding acquisitions detailed
in pre-listing statement: approval of the competition authorities
SYNERGY INCOME FUND LIMITED
(formerly Capital Land Retail Fund Limited)
(Registration number 2007/032604/06)
JSE share code for A linked units: SGA ISIN Code: ZAE000161550
JSE share code for B linked units: SGB ISIN Code: ZAE000162293
("Synergy")
UPDATE REGARDING ACQUISITIONS DETAILED IN PRE-LISTING STATEMENT: APPROVAL OF
THE COMPETITION AUTHORITIES
Synergy is pleased to advise investors that approval from the Competition
Authorities has now been received in respect of the acquisition of the
properties comprising the "SA Corporate Real Estate Fund Portfolio One" and
the "SA Corporate Real Estate Fund Portfolio Two" (collectively the "SA
Corporate Real Estate Portfolios"), as described in the pre-listing statement
issued on 30 November 2011.
The approval from the Competition Authorities is subject to the following
conditions imposed by the Competition Tribunal:
- Synergy undertaking that it will procure that the Spar Group Limited
("Spar") will dispose of its 20% shareholding in Synergy`s asset manager,
Capital Land Asset Management (Proprietary) Limited, within a period of six
months from the date of the approval; and
- Synergy negotiating with Spar and its franchisees in the utmost good faith
to have the exclusivity clauses in the following lease agreements between
Synergy and Spar removed at the time of renewal of those leases:
- Village Centre (renewal due in 2014);
- Hubyeni Shopping Centre (renewal due in 2017);
- Nzhelele Valley Shopping Centre (renewal due in 2017);
- Renbro Centre (renewal due in 2018);and
- Van Riebeeckshof Shopping Centre (renewal due in 2014).
Notwithstanding the conditions imposed by the Competition Tribunal, the
relationship between Synergy and Spar will continue as detailed in the pre-
listing statement and as such there will be no impact on the strategy of
Synergy as previously communicated to investors.
It is anticipated that transfer of the properties comprising the SA Corporate
Real Estate Fund Portfolios will take place during June 2012. Subsequent to
the transfer of these properties, Synergy`s combined property portfolio will
comprise 12 properties with a market value of approximately R1,140 million.
13 April 2012
Corporate Advisor and Sponsor
Java Capital
Competition Law Attorneys
Webber Wentzel ALN
Date: 13/04/2012 16:12:01 Produced by the JSE SENS Department.
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