Martprop Property Fund - General Issue Of Units Fo
Martprop Property Fund - General Issue Of Units For Cash
Release Date: 27/11/2003 17:10:09 Code(s): MTP
Martprop Property Fund - General Issue Of Units For Cash
MARTPROP PROPERTY FUND
("Martprop" or "Fund")
a collective investment scheme in property established in terms of the
Collective Investment Schemes Control Act, No.45 of 2002, and managed by
Marriott Property Fund Managers Limited (Registration number 1994/009895/06)
(Share code: MTP ISIN: ZAE000037271)
GENERAL ISSUE OF UNITS FOR CASH
Unitholders are informed that Martprop has completed a general issue of units
for cash, whereby 84 167 903 new units have been placed with a number of
independent public unitholders. The units have been placed at a price of 220
cents per unit, to which a notional distribution prepayment of 8 cents per unit
has been added, payable on 1 December 2003. The issue price was determined by
directors on 4 November 2003 and took into account the weighted average price of
Martprop"s units in the thirty-day period prior to that date. The new issue
increases the number of units in the Fund from 641 015 869 to 725 183 772 units.
The placing raised an amount of R185 169 387 in capital and R6 733 432 in pre-
paid distributions. The capital raised will be utilised to repay existing debt
and to create further capacity for acquisitions and developments in progress.
The pre-paid distribution compensates existing unitholders for the anticipated
dilution in the distribution payable for the six months to 31 January 2004 as a
consequence of the issue of the new units, which rank pari passu with the
existing units from the date of their issue.
The cash issue was made in terms of the general authority to issue units for
cash granted to the board by unitholders at the annual general meeting of the
Fund held on 27 October 2003.
The general issue for cash will not have a material effect on the earnings,
headline earnings, net asset value, and net tangible asset value of Martprop"s
units.
Durban
28 November 2003
MERCHANT BANK SPONSOR
MARRIOTT MERCHANT BANK EXCHANGE SPONSORS
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