Acucap Properties Limited - Acquisition Of Festiva
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
(`Acucap` or `the company`)
ACQUISITION OF FESTIVAL MALL
Acucap linked unitholders are advised that a circular has been posted today
regarding the acquisition of Festival Mall (`the acquisition`) details of which
were published in an announcement dated 22 February 2005 (`the announcement`).
Copies of the aforementioned circular may be obtained during normal business
hours from today until Thursday, 21 April 2005 from the company`s registered
office, being Suite A11, Westlake Square, Westlake Drive, Cape Town, or Nedbank
Capital, 3rd Floor, Corporate Place, 135 Rivonia Road, Sandown.
Linked unitholders are further advised that the effect of the acquisition on
Acucap`s earnings per linked unit(`EPLU`) as disclosed in the announcement has
been adjusted and disclosed in the circular to more accurately reflect the
revaluation reserve following a due diligence review conducted on the Festival
Mall.
The information in the announcement reflected `Before the acquisition` EPLU of
81 cents and `After the acquisition`
EPLU of 105.83 (reflecting a percentage change of 30.65%). The circular reflects
`Before the acquisition` EPLU of 81 cents and `After the acquisition` EPLU of
152.73 cents (reflecting a percentage change of 88.56%). The effects of the
adjustment on headline earnings, net asset value, net tangible asset value and
distribution per linked unit as disclosed in the circular have not been
material.
Cape Town
31 March 2005
Investment bank and sponsor
Nedbank Capital
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