GROWTHPOINT PROPERTIES LIMITED - REVISION ANNOUNCEMENT
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN: ZAE000037669
(`Growthpoint`)
Revision announcement
1. INTRODUCTION
Growthpoint linked unitholders are referred to the announcement published by
Growthpoint on Monday, 13 December 2004 (`the prior announcement`), in terms of
which Growthpoint proposed to acquire (`the proposed acquisition`) a portfolio
of properties from Tresso Trading 119 (Proprietary) Limited (`the Tresso
property portfolio`) for an aggregate purchase consideration of R1 080 million.
The unaudited Pro forma financial effects after the proposed acquisition as
disclosed in the prior announcement were 30,11 cents, 72,28 cents and 67,40
cents for headline earnings, earnings and distribution per Growthpoint linked
unit respectively for the year ended 30 June 2004. The unaudited pro forma
financial effects have been revised to include income from one property forming
part of the Tresso property portfolio, which previously was erroneously omitted.
2. REVISED UNAUDITED PRO FORMA FINANCIAL EFFECTS
Published Pro Increase/
Before (1) forma (decrease)
Per Growthpoint linked (cents) after (%)
unit (cents)
Headline earnings 29,13 31.95 9.7
Earnings 74,80 74,49 (0.4)
Distribution 69,00 69,10 0.1
(1) The figures reflected in the `Published Before` column are the figures
based on the audited results of Growthpoint for the 12-months ended 30 June
2004, published in the press on 25 August 2004.
The table above sets out the unaudited pro forma financial effects of the
proposed acquisition, before any costs relating thereto, on the headline
earnings, earnings and distribution per Growthpoint linked unit based on the
assumptions set out in paragraph 4 of the prior announcement.
The unaudited pro forma financial effects set out in the table above are
prepared for illustrative purposes only and may not give a true reflection of
the anticipated benefits of the proposed acquisition.
Sandton
12 January 2005
Lead sponsor Joint sponsor
(Ernst & Young ) (Investec Bank Limited)
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