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Emira Property Fund - Acquisition Of Property, Trading Statement And Cautionary
Announcement
Emira Property Fund
A property fund created under the Emira Property Scheme,
registered in terms of the Collective Investment Schemes Control Act
Share code: EMI ISIN: ZAE000050712)
("Emira" or "the Fund")
ACQUISITION OF PROPERTY, TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
1. Introduction
Rand Merchant Bank is authorised to announce that Emira has entered into an
agreement with Momentum Property Investments (Proprietary) Limited ("MPI") in
respect of the acquisition of the property described below (`the acquisition").
2. Salient terms of the acquisition
In terms of the acquisition, Emira has acquired Boundary Terraces in Newlands,
Cape Town ("the acquired property") for a consideration of R56 100 000 payable
in cash. The purchase consideration will incur interest at the ruling rate
applicable to cash on call as quoted by Rand Merchant Bank from time to time
from 8 December 2003 ("the effective date") to the date of payment of the
consideration.
Income earned from the acquired property is attributable to Emira from the
effective date.
All conditions precedent in respect of the acquisition have been fulfilled and
the conveyancing attorneys have been instructed to proceed with registration of
the acquired property.
3. Rationale for the acquisition
Emira raised additional cash upon listing in order to finance properties
identified subsequent to listing which would contribute to net income growth at
yields which would enhance the performance of the Fund over the medium term.
Emira"s investment committee has satisfied itself that the acquired property is
a high quality commercial property, is yield enhancing and that its short-term
vacancies rate has been adequately secured. Accordingly, it has been decided to
proceed with the acquisition on the terms set out above.
4. Financial effects of the acquisition
Although the acquisition is yield enhancing for Emira, pro forma financial
effects have not been presented as the acquisition will not have a significant
effect on Emira"s net asset value or net tangible asset value per participatory
interest ("PI"), nor on its earnings or headline earnings per PI.
5. Related party transaction
In terms of the Listings Requirements of the JSE Securities Exchange South
Africa ("JSE"), the acquisition is regarded as a small related party transaction
as the properties are being acquired from MPI, which holds 65.4% of the Emira
PIs in issue.
Accordingly, Emira has provided the JSE with written confirmation from an
independent professional expert that the terms of the acquisition are fair and
reasonable to holders of Emira PIs. The fair and reasonable opinion statement
will lie for inspection at the registered office of Emira, 6 Protea Place,
Sandton for a period of 28 days from the date of this announcement.
6. Trading statement and cautionary announcement
PI holders are referred to Emira"s pre-listing statement dated 18 November 2003
and the pre-listing announcement dated 28 November 2003, which contained the
following distribution forecasts for the one month period ending 31 December
2003:
Distribution per
PI (cents)
Pre-listing statement 4,6
Pre-listing announcement 4,2
PI holders are advised that the actual distribution for the period ended 31
December 2003 is expected to be marginally higher than the forecast contained in
the pre-listing statement and materially higher than the forecast contained in
the pre-listing announcement.
The financial information on which this trading statement is based has not been
audited and accordingly PI holders are advised to exercise caution until such a
time as the financial results for the period ended 31 December 2003 are
released.
Sandton
11 February 2004
Merchant bank and sponsor
RAND MERCHANT BANK, A division of FirstRand Bank Limited, CORPORATE FINANCE
Independent adviser
KPMG
Date: 11/02/2004 04:16:03 PM
Produced by the JSE SENS Department
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