| Mon 4 Jun 2012, 17:36 | | CPL - Capital - Further Voluntary Announcement regarding Capital`s Expression of |
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CPL
CPL
CPL - Capital - Further Voluntary Announcement regarding Capital`s Expression of
interest in acquiring all the assets of SA Corporate and Renewal of Cautionary
Announcement
Capital Property Fund
("Capital")
Share Code CPL ISIN ZAE000001731
(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 (Registration No. 1980/009531/06)
FURTHER VOLUNTARY ANNOUNCEMENT REGARDING CAPITAL`S EXPRESSION OF INTEREST IN
ACQUIRING ALL THE ASSETS OF SA CORPORATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Unitholders are referred to the Capital announcement published on SENS on 2 May
2012.
On 30 March 2012, when Capital formally advised SA Corporate Real Estate Fund
("SAC") of Capital`s interest in acquiring all of the assets of SAC (the
"envisaged acquisition"), Capital proposed an acquisition price that, on
distribution to SAC unitholders, would equate to R3,37 per SAC unit representing
a premium of 5% to the closing market price of SAC units on 29 March 2012. The
Capital proposal is subject inter alia to agreement between the relevant parties
on the cash amount that would be payable to the manager of SAC in compensation
for its loss of asset management revenue in the event of the envisaged
acquisition, which cash amount has been proposed at R250 million.
Regarding settlement of the acquisition price, Capital envisages that each SAC
unitholder should be afforded flexibility to receive such mix of cash or Capital
units at market price as is elected by the unitholder, provided that overall
Capital settles approximately 50% of the acquisition price in cash.
This announcement is made to position Capital to engage more fully with major
SAC unitholders regarding the envisaged acquisition.
Capital`s unitholders are reminded to continue to exercise caution when dealing
in Capital`s securities, pending further announcements.
4 June 2012
Sponsor and corporate advisor
Java Capital
Date: 04/06/2012 17:36:01 Produced by the JSE SENS Department.
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