ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN ZAE000037651
("Acucap")
PLACING OF LINKED UNITS
1. Introduction
Acucap continually optimises its property portfolio by refurbishing and/or
further developing individual properties, thereby maintaining its quality and
adequately meeting the demands of its current and future tenants. As part of
this process, Acucap has committed to developments on three of its properties
totalling R50 million, being a refurbishment of Sunward Centre and Key West and
a further development of Atterbury Office Park.
2. Placing
To fund the capital required for these developments, Acucap, together with
Nedbank Corporate, undertook a roadshow to institutions to place Acucap linked
units at an effective issue price of R10.80, being an actual issue price of
R10.45 per linked unit and a notional distribution, or interest payment, to
Acucap of R0.35. The latter amount is to ensure that the accounting and
distribution cycles of Acucap match, as a result of the fact that the linked
units issued in terms of the placing will rank for the interim distribution for
the 6 months to 30 September 2003 but will be issued 3 months into such interim
distribution period. The R0.35 is a notional amount and should not be
interpreted as a distribution forecast.
Due to demand in excess of the R50 million capital required, the board of
directors of Acucap decided to issue linked units in excess of such amount, to a
limit of R75 million, which amount was still less than the total amount applied
for by placees. Based on the R10.45 issue price, this equates to 6 944 444 new
linked units to be issued in terms of the placing.
3. Issue of linked units for cash
The difference between the amount placed and the R50 million capital
requirement, being R25 million, amounts to an issue of linked units for cash,
which was conducted under the general authority granted to Acucap prior to its
listing. Taking into account the linked units to be issued to fund the Old
Mutual acquisitions referred to in the final results announcement of Acucap, the
issue of 2 314 835 linked units for cash amounts to 5.4% of the current issued
linked units of Acucap.
The issue of linked units for cash will not have a material effect on either the
distribution or net asset value per Acucap linked unit.
4. Listing of linked units
Application has been made to the JSE to list 6 944 444 linked units with effect
from Tuesday, 1 July 2003, which will rank pari passu with the existing Acucap
linked units in issue from that date.
Johannesburg
1 July 2003
Investment bank and sponsor Corporate law advisers and consultants
Nedbank Corporate Edward Nathan & Friedland
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
