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Acucap - Acquisition of Cape properties from Resilient Property Income Fund
Limited and withdrawal of cautionary announcement
Acucap Properties Limited
Incorporated in the Republic of South Africa
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
(`Acucap`)
Acquisition of Cape properties from Resilient Property Income Fund Limited
(`Resilient`) and withdrawal of cautionary announcement
1. Introduction
Nedbank Capital is authorised to announce that Acucap has entered into an
agreement with Resilient to acquire Resilient`s three core Cape properties (`the
acquisition`), namely:
- an undivided 17.7683% share of The Bridge regional shopping centre in
Greenacres, Port Elizabeth;
- the Pick `n Pay Centre, Newton Park, Port Elizabeth; and
- the Pick `n Pay Centre, Vredenburg, Western Cape
(collectively, the `Resilient Properties`).
2. Terms of the acquisition
Acucap will acquire the Resilient Properties with effect from 1 October 2004 for
a purchase consideration of R73.35 million, to be settled by the allotment and
issue of 5,708,171 Acucap linked units (`the Acucap consideration units`) at an
issue price of R12.85 per linked unit, to be issued and listed on the first day
following the last date to trade Acucap units cum distribution for the September
2004 interim distribution, anticipated to be 6 December 2004.
3. Rationale for the acquisition
The acquisition will contribute to Acucap`s strategy of providing consistent
growth in distributions per unit, and it will also increase Acucap`s presence in
the Cape market, where intensive management can be applied to optimise the
growth prospects of the Resilient properties. The acquisition is also consistent
with Acucap`s retail bias.
4. Condition precedent
The acquisition of Resilient`s 17.7683% undivided share of The Bridge in
Greenacres, Port Elizabeth is subject to the co-shareholders in this property
waiving their pre-emptive rights to acquire Resilient`s share.
5. Financial effects on Acucap unitholders
The financial effects of the acquisition on Acucap`s earnings per linked unit,
headline earnings per linked unit, distribution per linked unit and net asset
value per linked unit are not material and have therefore not been disclosed.
The acquisition has been categorised as a category 3 transaction in terms of
section 9.5(a) of the JSE Securities Exchange South Africa (`JSE`) Listings
Requirements.
6. JSE listing and further announcement
Application will be made to the Listings Committee of the JSE to grant a listing
of the Acucap consideration units on the JSE pursuant to the condition precedent
being met. Once the condition precedent has been fulfilled, a further
announcement in this regard will be made.
7. Withdrawal of cautionary announcement
Acucap linked unitholders are referred to the cautionary announcement of 10
August 2004 and are informed that caution need no longer be exercised when
dealing in Acucap linked units.
Cape Town
31 August 2004
Investment bank and sponsor
Nedbank Capital
Date: 31/08/2004 04:45:11 PM
Produced by the JSE SENS Department
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