CPL/RES - Capital/Resilient - Proposed Economic Internalisation of the
CPL RES
CPL RES
CPL/RES - Capital/Resilient - Proposed "Economic Internalisation" of the
Management Of Capital
Capital Property Fund
Share Code: CPL ISIN: ZAE000001731
("Capital")
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property ("PUT") 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) ("PFM or "the manager")
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES ISIN: ZAE000043642
("Resilient")
PROPOSED "ECONOMIC INTERNALISATION" OF THE MANAGEMENT OF CAPITAL
Unitholders are advised that the boards of Resilient and PFM (a wholly-owned
subsidiary of Resilient, which manages Capital in terms of the trust deed (the
"deed") which established and governs Capital as a PUT) have resolved to propose
an amendment to the deed to change the service charge payable to PFM as
remuneration for its services in terms of the deed from a fixed fee to a cost
recovery fee, against payment to PFM of a cancellation payment. The amendment
will better align the interests of the manager with those of investors in
Capital and is considered to be consistent with investor preferences and best
practice globally regarding management and governance for the sector.
Resilient and PFM are in the process of determining the details of the proposed
amendment and cancellation payment, which will be subject inter alia to the
requisite unitholder and regulatory approvals. It is not envisaged that
financial effects of the proposed amendment will be material to Resilient or
Capital.
8 June 2012
Sponsor
Java Capital
Date: 08/06/2012 13:33:01 Produced by the JSE SENS Department.
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