CAPITAL PROPERTY FUND - Update in respect of internalising management of Capital and conversion to a REIT
CPL 201309300110A
Update in respect of internalising management of Capital and conversion to a REIT
CAPITAL PROPERTY FUND
(a portfolio in Capital Property Trust Scheme, a collective
investment scheme in property registered as such in terms of the
Collective Investment Schemes Control Act, No. 45 of 2002)
JSE share code: CPL ISIN: ZAE000001731
(“Capital”)
Managed by Property Fund Managers Limited
(Registration number 1980/009531/06)
(“PFM”)
UPDATE IN RESPECT OF INTERNALISING MANAGEMENT OF CAPITAL AND CONVERSION TO A REIT
Capital unitholders are referred to Capital’s condensed unaudited consolidated interim financial statements for the six
months ended 30 June 2013 published on SENS on 31 July 2013 wherein the board detailed that, in line with a
proposed industry initiative under the SA REIT Association, Capital intended converting to a corporate Real Estate
Investment Trust and as a result Capital would no longer be subject to the Collective Investment Schemes Control Act
(Act 45 of 2002). As previously announced, the board has in principle agreed to the internalisation of the management
of Capital. The board of PFM considers it optimal to implement the conversion and internalisation simultaneously.
The implementation of these changes is subject to various regulatory and unitholder approvals and to certain
anticipated amendments to the Income Tax Act, 1962 in terms of the draft Taxation Laws Amendment Act, 2013
(“TLAB”). Until such time as TLAB has been implemented, the timing of this process remains uncertain and
unitholders will be kept up to date by way of further SENS announcements.
30 September 2013
Sponsor
Java Capital
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