Acucap - Placing Of Linked Units
Acucap Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
(`Acucap` or `the Fund`)
PLACING OF LINKED UNITS
1. INTRODUCTION AND BACKGROUND TO THE PLACING
Following the release of its financial results for the year-ended 31 March 2004,
Acucap, together with Nedbank Capital, undertook a roadshow to selected
institutional shareholders. The primary purpose of the roadshow was to discuss
the financial results for 2004 and present the ongoing strategy of the Fund.
Notwithstanding the fact that the roadshow was not intended to raise capital,
many of the institutions visited expressed a keen interest in subscribing for
Acucap linked units (`linkedunits`). In order to help accommodate this demand,
the directors of Acucap have decided to issue linked units to those
institutions, which expressed an interest in participating in a placing.
Unfortunately, given the restraints of holding excess cash, Acucap was not able
to meet all of the demand, but has nevertheless agreed to place a total of R50
million`s worth of linked units by means of an issue of linked units for cash in
terms of the JSE Securities Exchange SA (`JSE`)
Listings Requirements and the general authority granted to the directors of
Acucap at its previous annual general meeting.
2. PLACING
Acucap will place R50 million`s worth of linked units at an effective issue
price of R12.50 per linked unit, being an actual issue price of R12.00 and a
notional distribution, or interest adjustment, to Acucap of R0.50. 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 2004,
but will be issued some 4 months into such interim distribution period. The
R0.50 is a notional amount and should not be interpreted as a distribution
forecast.
The issue of linked units for cash in terms of the placing will not have a
material effect on either the distribution or net asset value per linked unit.
3. LISTING OF LINKED UNITS
As a result of the placing, application has been made to the JSE to list 4 000
000 linked units with effect from Friday, 30 July 2004, which will rank pari
passu with the existing linked units in issue from that date.
Cape Town
29 July 2004
Investment bank and sponsor
NEDBANK CAPITAL
Corporate law advisers and consultants
EDWARD NATHAN & FRIEDLAND (PTY) LTD
(REGISTRATION NUMBER 1999/026464/07)
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