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RESILIENT PROPERTY INCOME FUND LIMITED - ACQUISITION OF 6.4% OF THE ISSUED
LINKED UNITS IN ACUCAP PROPERTIES LIMITED
RESILIENT PROPERTY INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES ISIN: ZAE000043642
(`Resilient` or `the company`)
ACQUISITION OF 6.4% OF THE ISSUED LINKED UNITS IN ACUCAP PROPERTIES LIMITED
GENERAL ISSUE OF LINKED UNITS FOR CASH
CONDITIONS PRECEDENT TO THE SALE OF THE BRIDGE, PORT ELIZABETH
1. ACQUISITION OF 6.4% OF THE ISSUED LINKED UNITS IN ACUCAP PROPERTIES
LIMITED (`Acucap`)
Unitholders are advised that Resilient has entered into an agreement with Sanlam
Investment Management (`SIM`) in terms of which Resilient will acquire, with
effect from 22 September 2004, 3 845 000 Acucap linked units for a total
consideration of R50 538 734. Settlement of the consideration will be through
the issue of 4 484 581 Resilient linked units at R7.52 cum distribution (R7.32
ex-distribution) and the balance of R16 814 685 in cash.
Pursuant to the acquisition, Resilient`s investment in Acucap will increase to
16.0% of Acucap linked units in issue.
Application has been made to the JSE Securities Exchange South Africa for the
listing of an additional 4 484 581 Resilient linked units from the commencement
of trading on Monday, 27 September 2004. The cash consideration will be funded
from existing cash resources.
2. GENERAL ISSUE OF LINKED UNITS FOR CASH
Unitholders are advised that Resilient has completed a general issue of units
for cash in terms of the general authority granted by members at the annual
general meeting held on 16 March 2004. In total 4 054 055 Resilient linked units
were placed with independent public unitholders on Friday, 17 September 2004, at
an issue price of R7,40 (R7,21 ex-distribution).
The additional linked units will rank pari passu with existing units in issue,
including the right to a distribution for the period ending 31 December 2004.
In total, R30 million was raised in cash, being R0,8 million in pre-paid
distribution and the balance in capital. Resilient has applied to the JSE
Securities Exchange South Africa for listing of the additional units from the
commencement of trading on Wednesday, 22 September 2004.
The cash proceeds from the general issue of units will be used to part fund the
R39,5 million acquisition of the Village Walk retail centre in Newcastle.
3. CONDITIONS PRECEDENT TO THE DISPOSAL OF THE UNDIVIDED SHARE IN THE
BRIDGE, PORT ELIZABETH
Unitholders are referred to the announcement dated 31 August 2004 in which the
company announced the disposal of its core Cape based properties to Acucap
Properties Limited. The disposal of the undivided share in The Bridge, Port
Elizabeth, was subject to co-shareholders waving their respective pre-emptive
rights.
Unitholders are advised that all co-shareholders in this property have waived
their pre-emptive rights and that all conditions precedent to the transaction
have been fulfilled.
4. FINANCIAL EFFECTS
The financial effects of both the acquisition of Acucap linked units from SIM
and the general issue of units for cash are not expected to have a material
effect on headline earnings, distribution and net asset value per linked unit
and financial effects are therefore not included.
Johannesburg
20 September 2004
Investment bank and sponsor
Nedbank Capital
Date: 20/09/2004 04:49:25 PM Produced by the JSE SENS Department
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